Cellceutix acquires PolyMedix assets from bankruptcy court
Gains a pipeline of nine compounds, a laboratory and equipment, plus flagship drug candidate Brilacidin
Cellceutix, a US-based clinical stage biopharmaceutical company headquartered in Beverly, MA in the US has acquired 'substantially all' of the assets of the company formerly known as PolyMedix from the bankruptcy court.
PolyMedix was a clinical stage biotechnology company developing small-molecule drugs for the treatment of infectious diseases and innate immunity disorders.
Cellceutix paid US$2.1m in cash and 1.4 million shares of company stock.
The PolyMedix assets acquired by Cellceutix include a pipeline of nine compounds as well as the substantial equipment assets at PolyMedix's 2,500m2 headquarters and laboratory.
The acquisition includes PolyMedix's flagship drug candidate Brilacidin, a defensin-mimetic antibiotic that has completed a Phase IIa clinical trial demonstrating safety, tolerability and efficacy in patients with acute bacterial skin and skin structure infections (ABSSSI) caused by Staphylococcus aureus.
Leo Ehrlich, Chief Executive of Cellceutix, said: 'This is a transformational development for our company and shareholders; adding the assets of PolyMedix for a tiny fraction of what we believe the company is truly worth.
'We are very excited about instantly having a strong antibiotic franchise to complement our already robust pipeline that now contains 18 compounds.
'We intend quickly to advance Brilacidin into a Phase IIb clinical trial, a drug that we believe could one day compete with drugs like Pfizer's Zyvox, which generated $1.35 billion in sales in 2012.
'The acquisition, which includes laboratory equipment and other furnishings that we are confident cost in excess of $1m, makes us an even more formidable company.'
