AntriaBio, Korean firm reach pact on diabetes drug
LOUISVILLE — Biopharmaceutical company AntriaBio Inc. is collaborating with a new specialty health-care firm based in Seoul, South Korea, allowing it to manufacture and sell one of its diabetes drugs, according to documents filed Wednesday with the U.S. Securities and Exchange Commission.
Under the agreement, AntriaBio (OTCQB: ANTB) will give pH Pharma Co. Ltd. an exclusive, transferable license to make and sell its drug AB101 in eight countries in Southeast Asia — but the license will become effective only after pH Pharma has purchased a minimum of $8 million in AntriaBio securities, according to the SEC document. The companies also agreed to work together to use AntriaBio’s proprietary microsphere platform for various therapeutic opportunities.
Under the terms of the stock purchase, pH agreed to buy $1 million in AntriaBio preferred stock, then $1 million more by March 31, and to negotiate to buy at least $6 million of its common stock.
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AntriaBio completed two $2 million funding rounds in 2015, partly to pay for clinical studies of AB101, which is a once-a-week basal insulin for treatment of type 1 and type 2 diabetes.
The company began operations at 1450 Infinite Drive in early 2014 in hopes of resurrecting AB101, which originally was being developed by shuttered Fort Collins-based company PR Pharmaceuticals Inc. AntriaBio bought that company’s intellectual property and assets in 2013 after PR Pharmaceuticals filed for Chapter 11 bankruptcy in 2008 and eventually went out of business.
AB101 has been formulated with a polymer in biodegradable microspheres for use in patients with types 1 and 2 diabetes who require basal insulin replacement therapy for the control of hyperglycemia.
AntriaBio’s shares closed at $1.04 on Wednesday after opening at $1.02.
LOUISVILLE — Biopharmaceutical company AntriaBio Inc. is collaborating with a new specialty health-care firm based in Seoul, South Korea, allowing it to manufacture and sell one of its diabetes drugs, according to documents filed Wednesday with the U.S. Securities and Exchange Commission.
Under the agreement, AntriaBio (OTCQB: ANTB) will give pH Pharma Co. Ltd. an exclusive, transferable license to make and sell its drug AB101 in eight countries in Southeast Asia — but the license will become effective only after pH Pharma has purchased a minimum of $8 million in AntriaBio securities, according to the SEC document. The companies also agreed…
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