Windtree Receives Offer for Its Preclinical Oncology Drug Candidate
WARRINGTON, Pa., Windtree Therapeutics, Inc., a diversified company focused on revenue generation in multiple growing industries, announced that it has received a non-binding letter of intent to purchase its preclinical oncology aPKCi inhibitor platform for $7.0 million dollars up front in cash or freely tradable stock and up to $130 million in milestone payments and high, single digit royalties up to $1.5 billion.
The aPKCi inhibitor platform is a novel, potential high-potency, specific, drug candidate with applications in oncology, particularly in hedgehog pathway-dependent cancers. Such cancers include basal cell carcinoma, medulloblastoma, rhabdomyosarcoma, small cell lung cancer and other malignant diseases.
A Letter of Intent, or LOI letter, is a document used in business to formalize an intent to carry out a project or transaction.
The agreement also includes options with additional consideration to acquire the Company's cardiovascular clinical and preclinical stage drug candidates and its agreement to act as the manufacturing agent for Evofem Biosciences® for its FDA approved product. As part of the agreement, the Company has 21 days to close the oncology aPKCi portion of the transaction.
"Windtree is executing our refined new corporate strategy to pursue opportunities in growing industries to become a revenue generating company. This offer may provide the company non-dilutive cash and potential for a very lucrative milestone and royalty stream,” said Jed Latkin, Chief Executive Officer of Windtree. "We do not view the preclinical oncology aPKCi assets as a core part of our vision going forward but want to make sure that our current shareholders benefit from the development of the assets. Furthermore, we are very intently looking at all options to increase shareholder value by reducing the current cashflow burn and focusing on near term accretive opportunities.”
About Windtree Therapeutics, Inc.
Windtree Therapeutics, Inc. is a diversified company focused on becoming a revenue generating company in a multitude of growing industries to drive toward overall profitability.
Windtree Therapeutics, Inc. (formerly Discovery Laboratories) is an American company which was set up in 1992 and now is based in Warrington, Pennsylvania, developing drug products (pulmonary medicine) for patients with respiratory disease. The company joined an alliance with Laboratorios del Dr. Esteve, S.A. In 2016, Discovery Laboratories changed name to Windtree Therapeutics, Inc.
