Neosil, Peplin deal
Peplin signed a definitive agreement to acquire dermatology company Neosil for about US$6.7 million in stock, which is the amount of net cash Neosil held at signing. Neosil shareholders will own about 7.3% of Peplin. Peplin plans to use Neosil’s cash to continue development of PEP005 ingenol mebutate gel to treat actinic keratosis and basal cell carcinoma (BCC). A Phase III trial in actinic keratosis, for which Peplin has an SPA from FDA, is expected to begin next quarter. The compound is in Phase II testing for BCC. Peplin does not expect to begin development of Neosil’s compounds before 2009. These include NEOSH101, a tetrapeptide aldehyde proteasome inhibitor that is in Phase II testing for alopecia, and NEO101, a broad-spectrum anti-microbial in Phase IIa testing for acne. Peplin will not retain any of Neosil’s six employees and will close the company’s South San Francisco facilities. ...