Cyprium Therapeutics, A Fortress Biotech Subsidiary Company, Completes Asset Transfer Of CUTX-101 Copper Histidinate Product Candidate For Treatment Of Menkes Disease, To Sentynl Therapeutics, A Wholly-Owned Subsidiary Of Zydus Lifesciences Ltd.
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Cyprium Therapeutics, a subsidiary of Fortress Biotech (NASDAQ:FBIO), has completed the transfer of its CUTX-101 product candidate for Menkes disease to Sentynl Therapeutics, a subsidiary of Zydus Lifesciences Ltd. Cyprium received $4.5 million at closing and is eligible for royalties and up to $129 million in milestones. Cyprium retains ownership of any FDA priority review voucher. CUTX-101 has shown significant improvement in survival for Menkes disease patients and has received multiple FDA designations.
December 06, 2023 | 1:41 pm
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Fortress Biotech's subsidiary Cyprium Therapeutics has transferred CUTX-101 to Sentynl, receiving $4.5M and eligibility for future royalties and milestones. This deal could reduce Cyprium's development costs and expedite CUTX-101's commercialization.
The asset transfer of CUTX-101 to Sentynl Therapeutics is likely to have a positive short-term impact on Fortress Biotech's stock price. The upfront payment of $4.5 million, along with the potential for significant future milestones and royalties, provides a financial boost and reduces development costs. The retention of the FDA priority review voucher is a valuable asset that could be monetized or used strategically in the future. The positive clinical trial results and multiple FDA designations for CUTX-101 suggest a promising outlook for the drug's approval and commercial success, which could further benefit Fortress Biotech.
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