NeuroVive completes 10 percent acquisition of Isomerase Therapeutics
Lund, Sweden, August 15, 2016 - NeuroVive Pharmaceutical AB (Nasdaq Stockholm: NVP, OTCQX: NEVPF), the mitochondrial medicine company, today announces that the second step in the previously announced partial acquisition of the British drug discovery and development company Isomerase Therapeutics Ltd (Isomerase), has been completed. NeuroVive now holds approximately 10 percent of the shares in Isomerase. The overall aim with the acquisition is to strengthen the existing partnership and accelerate NeuroVive’s research and development (R&D) program.
The now completed acquisition includes approximately 5% further of the shares in Isomerase through a 550 000 GBP cash payment. The first step in the acquisition was executed January 14, 2016 when NeuroVive acquired approximately 5 percent of the shares in Isomerase by payment in own shares.
NeuroVive is committed to the discovery and development of highly targeted drug candidates that can improve and support mitochondrial function in disease areas with a high medical need. The completed holding in Isomerase is in line with NeuroVive's business strategy of value-adding partnerships with mitochondrial research and development players and commercial partners globally. The joint teams at NeuroVive and Isomerase are currently working on the research project NVP015 (complex I dysfunction) and several other discovery programs which all are progressing well.
“We are very happy with how our collaboration with Isomerase has evolved throughout the years. We have together with Isomerase been able to efficiently advance our prioritized research program NVP015 and generate new compounds that currently are evaluated in experimental models”, commented Erik Kinnman, CEO NeuroVive.
Isomerase Therapeutics (www.isomerase.co.uk) is an agile drug discovery and development company based in Cambridge, UK and is a leader in the discovery and development of compounds that target molecules such as cyclophilins. The Company is led by an experienced team with a successful track record in the discovery, development and commercialization of drugs by applying a combination of biosynthetic engineering and synthetic chemistry. The team at Isomerase is actively involved in the pharmacology, chemistry and manufacturing for several of NeuroVive’s projects.
NeuroVive Pharmaceutical AB (publ) is a pioneer in mitochondrial medicine and a company committed to the discovery and development of highly targeted candidates that preserve mitochondrial integrity and function in areas of significant therapeutic need. NeuroVive's business approach is driven by value-adding partnerships with mitochondrial research institutions and commercial partners across the globe.
NeuroVive's portfolio consists of two clinical projects, one in acute kidney injury (CicloMulsion®) and one in traumatic brain injury (NeuroSTAT®). The candidate drug NeuroSTAT has orphan drug designation in Europe and in the US for treatment of moderate to severe traumatic brain injury and is currently being evaluated in the CHIC study. CicloMulsion is being evaluated in an on-going study, CiPRICS, in acute kidney injury during major surgery. Furthermore, the R&D portfolio consists of two late stage discovery programs and one compound in preclinical development.
NeuroVive is listed on Nasdaq Stockholm, Sweden, Small Cap, under the ticker symbol NVP. The share is also traded on the OTC Markets Group Inc market in the US. NeuroVive Pharmaceutical (OTC: NEVPF) trades on the OTCQX Best Market.
For investor relations and media questions, please contact:
Cecilia Hofvander, NeuroVive, Tel: +46 (0)46 275 62 21 or firstname.lastname@example.org
NeuroVive Pharmaceutical AB (publ)
Medicon Village, SE-223 81 Lund, Sweden
Tel: +46 (0)46 275 62 20 (switchboard)
Fax: +46 (0)46 888 83 48
This information is information that NeuroVive Pharmaceutical AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 1:30 p.m. CEST on August 15, 2016.