The transaction grants to the Group exclusive US commercialisation rights to ByFavo (remimazolam) and has been made alongside an equity investment and debt facility by Cosmo to finance the marketing efforts of both BARHEMSYS and ByFavo.
About the transaction
Under the principal terms of the in-license agreement, Cosmo will be eligible for: an upfront payment of
Under the terms of the agreement, Cosmo has also made a strategic equity investment in Acacia Pharma of
In addition, Cosmo will make available to Acacia Pharma a new loan facility of up to
The loans will be interest-only until
Cosmo will be entitled to appoint one director to the Acacia Pharma Board of Directors.
The transaction will not require shareholder consents.
About ByFavo (remimazalom)
ByFavo is an ultra-short-acting and reversible intravenous benzodiazepine sedative/anaesthetic designed for use during invasive medical procedures, such as during colonoscopy and bronchoscopy. Approximately 24.5 million such procedures take place annually in the US, of which around 90% use moderate sedation.
ByFavo has demonstrated efficacy and safety in an extensive clinical trial programme involving around 2,400 volunteers and patients. Data so far indicate that remimazolam has a rapid onset and offset of action combined with a good cardio-respiratory safety profile. ByFavo is designed to act more quickly than the available alternatives of the same pharmaceutical class for the same indication (e.g. midazolam) and can be reversed with flumazenil to rapidly terminate sedation or anaesthesia if necessary.
Cosmo in-licensed the US rights to ByFavo from
Contact:
Tel: +44 1223 919760
About Acacia Pharma
Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new nausea & vomiting treatments for surgical and cancer patients. The Group has identified important and commercially attractive unmet needs in nausea & vomiting and has discovered two product candidates based on the same active ingredient, amisulpride, to meet those needs.
The Group's lead project, BARHEMSYS (intravenous amisulpride) for post-operative nausea & vomiting (PONV), has generated positive results in four Phase 3 clinical studies. Its sister project, APD403 for chemotherapy induced nausea & vomiting (CINV), has successfully completed one proof-of-concept and one Phase 2 dose-ranging study in patients receiving highly emetogenic chemotherapy.
Acacia Pharma is based in
About
Cosmo is a specialty pharmaceutical company focused in treating selected Gastrointestinal Disorders and Endoscopy. The Company's proprietary clinical development pipeline specifically addresses innovative treatments for IBD, Colonic Infections and detection of colonic lesions. Cosmo has also developed medical devices for endoscopy and has recently entered into a partnership with Medtronic for the global distribution of its novel Artificial Intelligence device to be used in coloscopies and GI procedures.
Forward looking statement
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