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news.OrthoLogic is to pay a total of nearly $8 million in a combination of cash and shares to Azerx in a deal which includes rights to the company's lead product candidate AZX100.
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AZX100 is currently being investigated for indications such as the treatment of vasospasm associated with subarachnoid hemorrhage, the prevention of keloid scarring, and the treatment of asthma.
Preclinical and human in vitro studies have shown that this novel compound has the ability to relax smooth muscle in multiple tissue types.
OrthoLogic has acquired the core intellectual property relating to AZX100 and will also continue to develop the new class of compounds based on the technology invented by Azerx.
The deal is comprised of $390,000 cash and the issuance of 1,355,000 shares of OrthoLogic common stock valued at approximately $7.7 million.
“We are encouraged by the early work completed by the Azerx team and are looking forward to advancing AZX100 toward the clinic. This compound and its related technology have the potential to treat several diseases with significant unmet medical need,” stated Dr James Pusey, president and CEO of OrthoLogic.