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news.The agreement provides for the exchange of Pyro’s capital stock for shares of the Fero’s common stock, with Fero remaining as the parent entity and Pyro as a subsidiary
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Fero Industries has entered into an agreement to acquire Pyro Pharmaceuticals of Irvine, California. Pyro develops therapeutics against multi-drug resistant infectious microorganisms. Pyro’s focus is on diseases in which antibiotic resistance has become a significant issue.
Pyro plans to develop a new class of antibiotics for a wide variety of pathogenic microorganisms, especially those that have exhibited multiple drug resistance. Antibiotic resistance is a growing public health concern worldwide. According to the Center for Disease Control (CDC), antibiotic drug resistance has significantly increased mortality rates, making infectious disease the third largest cause of death in the United States. Drug resistance has also increased the cost of health care delivery. Examples of the types of bacteria that have become resistant to antibiotics include the species that cause skin infections, meningitis, sexually transmitted diseases, respiratory tract infections such as pneumonia and tuberculosis, and multi-drug resistant Staphylococcus aureus (MRSA).
A final closing will happen after Pyro’s financial statements are audited, and will be subject to terms and conditions in the agreement. Complete details of the transaction will accompany Fero’s filing on Form 8-K to the Securities and Exchange Commission.