- Lobe Sciences (LOBE) to acquire Altemia & Company
- Through the acquisition, the company will release its first commercial product called Altemia
- The product aims to treat patients with sickle cell disease
- Lobe Sciences’ acquisition of Altemia & Company positions itself as an orphan drug/rare disease development company
- Shares of Lobe Sciences are up 14.29 per cent to C$0.04 as of 10:27 a.m. EDT
Lobe Sciences is gearing up to acquire Altemia & Company.
In a press release, the company said it has signed a share purchase agreement to acquire Altemia & Company and its trademarked brand Altemia.
The Altemia product is a patent pending oral emulsion to treat patients with sickle cell disease.
Through the acquisition, Lobe Sciences will acquire all assets of Altemia & Company, including intellectual property and commercial inventory.
Lobe Sciences’ CEO Phillip J. Young said beginning in the second half of the year, the company will officially launch its commercial product, Altemia, which is a medical food, to manage sickle cell disease.
Altemia has already been studied in human clinical trials. The company said it will target 55 major sickle cell disease clinics across the US.
It is estimated that sickle cell disease affects roughly 100,000 patients in the US alone . The company said Altemia and its follow-on prescription product SAN100, aims to treat patients with sickle cell disease all around the world.
“This transaction will transform our company into a revenue-generating biotech company committed to treating orphan diseases and separating Lobe from the myriad of clinical-stage companies in North America and Europe,” founder and president of Altemia & Company said in a release. “We will be able to use the revenue from the [sickle cell disease] sales to fund ongoing and planned clinical activities with L-130 and L-131. I look forward to providing updates as we move forward with the planning and launch of Altemia for the treatment of sickle cell disease.”
The transaction will close following exemptions from the prospectus and registration requirements under applicable securities laws.
Shares of Lobe Sciences (LOBE) are up 14.29 per cent to C$0.04 as of 10:27 a.m. EDT.
