NEW YORK, NY--(Marketwired - May 15, 2015) - PlasmaTech Biopharmaceuticals, Inc. (NASDAQ: PTBI), a biopharmaceutical company focused on gene therapy and cell therapy products for severe and life- threatening rare diseases announced today that it had filed its first quarter 2015 report on Form 10-Q with the U.S. Securities and Exchange Commission and will provide a business update for investors on a conference call to be held Wednesday, May 27th at 10:00 AM (EDT).
Steven H. Rouhandeh, Executive Chairman, together with Tim Miller, Ph.D., President and CEO of Abeona Therapeutics LLC and prospective CEO of the combined companies upon closing of the acquisition, together with other executives, will conduct the call. Interested parties are invited to participate in the call by dialing: Toll Free Number: 877-269-7756 or International Toll Free Number: 201-689-8457. The call will consist of an overview of the financials presented in the Company's first quarter Form 10-Q, and a discussion of business highlights and activities of the recently announced transactions. Immediately thereafter, there will be a question and answer period open to all registered analysts and investors.
Business Highlights and Updates
- After the close of the quarter, the Company has announced and closed two private placements of common stock of $7.0 million and $10.0 million at $3.00 and $8.00 per share, respectively, with three institutional healthcare-focused investors. The $7.0 million financing closed on April 24. The $10.0 million financing closed on May 11, and included warrants to purchase 625,000 shares of common stock at an exercise price of $10.00 per share, exercisable for 30 months from the closing date.
- On May 6, 2015, PlasmaTech announced it had signed definitive agreements to acquire Abeona Therapeutics LLC, a leader in the development of innovative gene therapies to treat Sanfilippo Syndrome (MPS IIIA and MPS IIIB). Per the agreement, upon closing the Company will issue to Abeona Therapeutics members a total of 3,979,761 common shares, and up to an additional $9 million in performance milestones, in common stock or cash at the Company's option. The transaction is expected to close shortly. Abeona closed on $4.8 million in financing from leading Sanfilippo Foundations worldwide in December 2014, and have an additional $1 million grant commitment for manufacturing of clinical material.
PlasmaTech Biopharmaceuticals, Inc.
- This week, IND enabling safety study data utilizing our adeno-associated virus (AAV9) gene therapy drug was presented at the annual meeting of the American Society of Gene and Cell Therapy being held in New Orleans.
- Earlier in the first quarter, the Company announced that MuGard has received marketing approval by the South Korean regulatory authorities, and its partner Hanmi Pharmaceutical Co., Ltd. is preparing to import MuGard and commence commercialization efforts shortly.
About PlasmaTech Biopharmaceuticals: PlasmaTech Biopharmaceuticals is focused on advancing cell therapy and gene therapy for rare diseases. PlasmaTech's lead program is a gene therapy for Sanfilippo syndrome (MPS IIIA and IIIB) in collaboration with patient advocate groups, researchers and clinicians. Clinical trials for Sanfilippo types A and B are anticipated to begin in 2015. In addition, the company is pursuing two additional proprietary platforms, Salt Diafiltration (SDF™) Process and Polymer Hydrogel Technology (PHT™), and is active in the development and commercialization of human plasma-derived therapeutics, including its proprietary alpha-1 protease inhibitor, SDF Alpha™. The company has developed a robust product pipeline that includes two commercial stage products, MuGard® and ProctiGard™, with additional follow-on products in development. For more information, visit www.plasmatechbio.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended, and that involve risks and uncertainties. These statements include, without limitation, those relating to: the Company's proposed acquisition of Abeona, anticipated acceleration in the development and internationalization of clinical programs, information regarding the future performance of the combined company, the outlook on medical needs, future pipeline expectations, management plans for the Company, the anticipated closing of the transaction, and general business outlook. These statements are subject to numerous risks and uncertainties, including but not limited the satisfaction of closing conditions for the transaction, the parties' ability to successfully integrate and operate the new company, and achieve expected synergies and other benefits; the impact of competition; the ability to develop products and technologies; the ability to achieve or obtain necessary regulatory approvals; the impact of changes in the financial markets and global economic conditions; and other risks as may be detailed from time to time in the Company's Annual Reports on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligations to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release, whether as a result of new information, future developments or otherwise.