Coeptis Pharma Enters into Agreement to Acquire Elto Pharma
NEW YORK and WEXFORD, Pa., Nov. 28, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Coeptis Pharmaceuticals, Inc., a diversified commercial biopharmaceutical company, today announced that it has entered into a binding agreement to acquire all outstanding shares of Elto Pharma, Inc. Elto Phama is developing eltoprazine, a serotonergic agonist in Phase 2b development for the treatment of Parkinson's disease levodopa-induced dyskinesias (Parkinson's LID). Elto Pharma is a joint venture between Amarantus Bioscience Holdings, Inc. (OTCPK: AMBS) and Psychogenics, Inc.
"Eltoprazine will be a key long-term growth driver for Coeptis given its outstanding profile as a potential therapy across several brain-related conditions," said David Mehalick, President & CEO of Coeptis. "As we focus on the near-term commercialization of our 505(b)2 and generic pipeline, with the launch of our first FDA-approved 505(b)2 product expected in 2019, Coeptis will be strongly positioned to successfully launch its products across multiple disease areas in the years ahead. Eltoprazine has blockbuster potential as a new chemical entity treatment for multiple neurological conditions, beginning with Parkinson's LID."
"After a thorough review of strategic options for Elto Pharma, we believe this transaction with Coeptis represents the best outcome for Amarantus and its various stakeholders," said Gerald E. Commissiong, President & CEO of Amarantus, and interim-CEO of Elto Pharma. "Coeptis has a strong operational team and a robust pipeline of products preparing to be commercialized that we believe will drive shareholder value in the years ahead. We are very excited to become part of the Coeptis organization."
About Coeptis Pharma, Inc.
Coeptis Pharmaceuticals, Inc. is a privately held biopharmaceutical company engaged in the acquisition, development and commercialization of branded and generic pharmaceutical products, as well as strategic investments in biologics. Headquartered near Pittsburgh, PA, the company holds a robust pipeline of products in various stages of development and commercialization.
About Elto Pharma, Inc.
Elto Pharma, Inc. is developing eltoprazine, an oral small molecule 5HT1A/1B partial agonist in clinical development for the treatment of Parkinson's disease levodopa-induced dyskinesia (PD-LID), aggression in Alzheimer's disease and adult attention deficit hyperactivity disorder (adult ADHD). Eltoprazine has been evaluated in over 680 human subjects to date, was well-tolerated and showed promising efficacy results in both cognitive and movement disorders. Eltoprazine has received orphan drug designation (ODD) from the US FDA for the treatment of PD-LID.
Eltoprazine was originally developed by Solvay (now Abbvie) for aggression-related indications. The eltoprazine program was out-licensed to PsychoGenics, Inc. (PGI). PGI licensed eltoprazine to Amarantus in 2014 after a successful proof-of-concept trial in PD-LID.
In April 2017, Amarantus incorporated the wholly-owned subsidiary Elto Pharma, Inc. for the purpose of raising capital to finance the further clinical development of eltoprazine.
About Amarantus Bioscience Holdings, Inc.
Amarantus Bioscience Holdings (AMBS) is a JLABS alumnus biotechnology company developing treatments and diagnostics for diseases in the areas of neurology, regenerative medicine and orphan diseases through its subsidiaries. AMBS' wholly-owned subsidiary Elto Pharma, Inc. has development rights to eltoprazine, a Phase 2b-ready small molecule indicated for Parkinson's disease levodopa-induced dyskinesia, Alzheimer's aggression and adult attention deficit hyperactivity disorder, commonly known as ADHD. AMBS acquired the rights to the Engineered Skin Substitute program, a regenerative medicine-based approach for treating severe burns with full-thickness autologous skin grown in tissue culture that is being pursued by AMBS' wholly-owned subsidiary Cutanogen Corporation. AMBS' wholly-owned subsidiary MANF Therapeutics, Inc. owns key intellectual property rights and licenses from a number of prominent universities related to the development of the therapeutic protein known as mesencephalic astrocyte-derived neurotrophic factor ("MANF"). MANF Therapeutics, Inc. is developing MANF-based products as treatments for brain and ophthalmic disorders. MANF was discovered by the Company's Chief Scientific Officer John Commissiong, PhD. Dr. Commissiong discovered MANF from AMBS' proprietary discovery engine PhenoGuard. The Company also re-acquired rights to the Alzheimer's blood diagnostic LymPro Test , MSPrecise and NuroPro.
Amarantus Investor and Media Contact:
American Capital Ventures, Inc.
Source: Amarantus Bioscience Holdings, Inc.