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news.Dor BioPharma, a developer of therapeutic products for cancer and gastrointestinal diseases, has received $1.5 million under a letter of intent with Sigma-Tau Pharmaceuticals, which grants Sigma-Tau an exclusive right to negotiate terms and conditions for a possible business transaction or strategic alliance regarding orBec and potentially other Dor pipeline compounds until March 1, 2009.
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Under the terms of the letter of intent, Sigma-Tau has purchased $1.5 million of Dor’s common stock at the market price of $0.09 per share, which will be considered an advance payment to be deducted from upfront monies due to Dor by Sigma-Tau pursuant to any future orBec commercialization arrangement reached between the two parties.
orBec is said to be a first-of-its-kind oral, locally acting therapy tailored to treat the gastrointestinal manifestation of graft-versus-host disease (GVHD), the organ system where GVHD is most frequently encountered and highly problematic.
Gregg Lapointe, CEO of Sigma-Tau, said: As a result of our long-standing relationship with Dor, we are confident orBec will prove successful in the confirmatory Phase III clinical program. orBec is also a very good fit with our rare disease focus, particularly with our other development activities in the transplant area. We look forward to finalizing our collaboration with Dor in the progression of this important compound.