OXIS International, Inc. (OTCMKTS:OXIS)
OXIS International, Inc. (OTCMKTS:OXIS) traded higher in Thursday’s trading session in the wake of the company announcing plans to acquire Georgetown Translational Pharmaceuticals (GTP). The stock was up by 10% to end the day at $0.0396 a share.
OXIS International, Inc. (OTCMKTS:OXIS) has executed a binding Letter of Intent, paving the way for it to expand its footprint into the business of producing close-to-market Central Nervous Systems products.
In addition to pursuing opportunities in the development of central nervous system products, Oxis International remains a key player in the development of therapies for the treatment of cancer. The company’s technology platform consists specific and tri-specific constructs, full-length antibodies, drug payloads as well as antibody-drug linkers.
The acquisition of GTP should strengthen OXIS Pipeline that currently consists of OXS-2175, a therapeutic candidate for the treatment of triple negative breast cancer and OXS-4235 for the treatment of multiple myeloma.
Georgetown Translational Pharmaceuticals brings to the merger a pain relief candidate drug, Pain Break. The company has already submitted a New Drug Application (NDA) for its approval. The company is also working on GTP-004, a novel treatment for myasthenia gravis. The only available treatment for the rare muscular disease has been found to have significant side effects which GTP plans to address with its candidate drug.
OXIS International, Inc. (OTCMKTS:OXIS) is set to gain access to GTP-011, a novel treatment for motion sickness that Georgetown Translational Pharmaceuticals is currently developing. The drug is designed to eliminate side effects that resemble Alzheimer symptoms of an existing drug.
Under the terms of the agreement, OXIS International, Inc. (OTCMKTS:OXIS) is to pay 33% of its outstanding shares to GTP to seal the merger. GTP Co-founder Dr. Cathleen Clarence Smith is to become the Chief Executive Officer of the combined company while Anthony Cataldo takes over as the Executive Chairman.
“Our existing oncology products (FDA Phase 2 OXS 1550 clinical trial and upcoming FDA TriKe phase 1 clinical trial) have now reached the point where Dr. Clarence-Smith’s experience in taking drugs through FDA approvals and into the market, will bring significant value to our shareholders,” said Mr. Cataldo.
Separately, OXIS International, Inc. (OTCMKTS:OXIS) has entered into a development partnership agreement with Altor Bioscience for the development of 161553 TriKe fusion protein, for cancer therapies. Under the partnership, the two companies are to conduct first in man Phase 1 FDA clinical trials on the molecule for the treatment of hematologic malignancies.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.