Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.NanoAntibiotics has acquired LAT Pharma LLC, of Chicago, IL, an early-stage biotechnology company developing novel medicines to treat life-threatening complications of liver cirrhosis.
Subscribe to our email newsletter
LAT Pharma brings a promising new therapeutic opportunity to NanoAntibiotics. Earlier this year LAT Pharma met with the FDA to discuss a submission for a novel therapy to treat ascites due to liver cirrhosis. The meeting designated as a "pre-investigational new drug (IND) meeting," provided guidance that is currently being addressed. The Company’s goal is to commence a clinical trial program in human subjects upon FDA clearance of the IND application.
"The acquisition of LAT Pharma by NanoAntibiotics will provide the resources necessary to execute the next step in our goal of advancing a novel, potentially life-saving new drug therapy into the clinic," commented Jonathan Adams, Chief Executive Officer at LAT Pharma.
In an all-stock, cashless deal, NanoAntibiotics acquired LAT Pharma LLC in a triangular merger in exchange for 39,820,000 newly-issued shares of the Company’s common stock.
Following the retirement and cancellation of an equal number shares, the total number of NNAB shares outstanding post-merger will not change. Following the merger, the Company will change its name to BioVie, Inc.
About Liver Cirrhosis and Ascites
An estimated 1 million Americans and millions worldwide suffer from liver cirrhosis. Cirrhosis is the 12th leading cause of death due to disease in the US, killing an estimated 27,000 people each year. The condition results primarily from hepatitis, alcoholism, and fatty liver disease linked to obesity.
Ascites is a common complication of advanced liver cirrhosis. Approximately 60% of cirrhosis patients will develop ascites over a 10-year span. The prognosis for ascites is very poor, with an estimated 40% of patients dying within two years of diagnosis. Life-threatening complications of ascites include infection, sepsis, and circulatory dysfunction.
Current treatments aim to provide symptomatic relief by eliminating fluids to reduce abdominal swelling. Certain medications may provide relief in the initial stages, but as the condition worsens, patients may fail to respond. US direct treatment costs for this condition are estimated at more than $4 billion annually.