11.29.18
Coeptis Pharmaceuticals, Inc., a biopharmaceutical company, has entered into an agreement to acquire all outstanding shares of Elto Pharma, Inc. Elto is developing eltoprazine, a serotonergic agonist in Phase IIb development for the treatment of Parkinson's disease levodopa-induced dyskinesias (Parkinson's LID). Elto is a joint venture between Amarantus Bioscience Holdings, Inc. and Psychogenics, Inc. Financial terms were not disclosed.
"Eltoprazine will be a key long-term growth driver for Coeptis given its outstanding profile as a potential therapy across several brain-related conditions," said David Mehalick, president and chief executive officer of Coeptis. "As we focus on the near-term commercialization of our 505(b)2 and generic pipeline, with the launch of our first FDA-approved 505(b)2 product expected in 2019, Coeptis will be strongly positioned to successfully launch its products across multiple disease areas in the years ahead. Eltoprazine has blockbuster potential as a new chemical entity treatment for multiple neurological conditions, beginning with Parkinson's LID."
"After a thorough review of strategic options for Elto Pharma, we believe this transaction with Coeptis represents the best outcome for Amarantus and its various stakeholders," said Gerald E. Commissiong, president and chief executive officer of Amarantus, and interim-CEO of Elto Pharma. "Coeptis has a strong operational team and a robust pipeline of products preparing to be commercialized that we believe will drive shareholder value in the years ahead. We are very excited to become part of the Coeptis organization."
"Eltoprazine will be a key long-term growth driver for Coeptis given its outstanding profile as a potential therapy across several brain-related conditions," said David Mehalick, president and chief executive officer of Coeptis. "As we focus on the near-term commercialization of our 505(b)2 and generic pipeline, with the launch of our first FDA-approved 505(b)2 product expected in 2019, Coeptis will be strongly positioned to successfully launch its products across multiple disease areas in the years ahead. Eltoprazine has blockbuster potential as a new chemical entity treatment for multiple neurological conditions, beginning with Parkinson's LID."
"After a thorough review of strategic options for Elto Pharma, we believe this transaction with Coeptis represents the best outcome for Amarantus and its various stakeholders," said Gerald E. Commissiong, president and chief executive officer of Amarantus, and interim-CEO of Elto Pharma. "Coeptis has a strong operational team and a robust pipeline of products preparing to be commercialized that we believe will drive shareholder value in the years ahead. We are very excited to become part of the Coeptis organization."
