Celmed to acquire NewBiotics
Theratechnologies (TSE:TH) subsidiary Celmed BioSciences will acquire cancer company NewBiotics (San Diego, Calif.) in a stock deal. NewBiotics shareholders will receive a 29.7% ownership interest in Celmed, which will reduce TH's Celmed stake to 42% from 59.7%.
NewBiotics' most advanced compound is NB1011, a non-toxic substrate converted to toxin by thymidylate synthase (TS). The compound is in Phase I/II trials to treat colorectal cancer. Celmed will continue to develop its Theralux photodynamic therapy to treat disorders related to blood and bone marrow transplantation in the field of oncology. 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. ...