Cellceutix Corp., a clinical stage biopharmaceutical company based in Beverly, said it has acquired substantially all of the assets of the company formerly known as PolyMedix Inc. from bankruptcy court.
PolyMedix was a biotech that had been working on small-molecule drugs for the treatment of infectious diseases and innate immunity disorders. Cellceutix said the purchase price was $2.1 million in cash and 1.4 million shares of company stock. The PolyMedix assets acquired include a pipeline of nine compounds as well as the substantial equipment assets at PolyMedix’s 25,000-square-foot headquarters and laboratory, the company said in a press release.
The acquisition includes PolyMedix’s flagship drug candidate Brilacidin, a first-in-class defensin-mimetic antibiotic that has completed a Phase 2a clinical trial demonstrating safety, tolerability and efficacy in patients with acute bacterial skin and skin structure infections caused by Staphylococcus aureus, Cellceutix said.
In a statement, Cellceutic chief executive Leo Ehrlich said: ‘‘This is a transformational development for our company and shareholders; adding the assets of PolyMedix for a tiny fraction of what we believe the company is truly worth. We are very excited about instantly having a strong antibiotic franchise to complement our already robust pipeline that now contains 18 compounds. We intend to quickly advance Brilacidin into a Phase 2b clinical trial, a drug that we believe could one day compete with drugs like Pfizer’s Zyvox, which generated $1.35 billion in sales in 2012. The acquisition, which includes laboratory equipment and other furnishings that we are confident cost in excess of $1 million, makes us an even more formidable company.”