ARTICLE | Company News

NewBiotics, Theratechnologies deal

June 14, 2004 7:00 AM UTC

TH's majority owned subsidiary, Celmed BioSciences Inc. (Montreal, Quebec), will acquire cancer company NewBiotics. NewBiotics shareholders will receive a 29.7% ownership interest in Celmed, which will reduce TH's ownership in Celmed to 42.0% from 59.7%. NewBiotics' most advanced compound is NB1011, a non-toxic substrate converted to toxin by thymidylate synthase (TS) that is in Phase l/ll trials to treat colorectal cancer. Celmed will continue to develop its Theralux photodynamic therapy to treat disorders related to blood and bone marrow transplantation. Theralux has completed a Phase I/II trial to treat non-Hodgkin's lymphoma (NHL). Last month, Celmed sold its neurology assets to Dr. Michel Levesque of Cedars Sinai Hospital (see BioCentury, May 3). ...