LEXINGTON, Mass., Dec. 18 /PRNewswire/ -- ActivBiotics, Inc. today announced that following a review of strategic options after its clinical trial of Rifalazil failed in peripheral arterial disease patients, the Company is selling all or substantially all of its assets on an "as is" basis through an Assignment for the Benefit of Creditors, process. The Assignee of the assets is Mr. Joseph Finn, Jr., CPA (see contact details below). The bidding for the assets, which may be purchased separately or in combination, will begin today and end on February 1, 2008. Any person interested in purchasing the assets or learning more about the bidding process should contact the Assignee, Mr. Joseph Finn, Jr.
"The Board of Directors has decided to pursue the sale of the company's clinical and preclinical drug assets," said Steven C. Gilman, Ph.D., Chairman of ActivBiotics. "We believe that our anti-inflammatory Phase II drug candidate and our antibacterial library of compounds are of significant value to companies in those therapeutic areas," added Gilman. Bidding packages have been assembled and are ready to be distributed subject to a potential purchaser entering into a standard form confidentiality agreement.
The Company assets available for sale include:
1. A superoxide dismutase (SOD) mimetic program consisting of two
clinical-stage drug candidates, M40403 and M40419, and a library of 250
small molecules which have potential as novel therapeutic agents for the
treatment of inflammatory diseases. M40403, which has been studied in
approximately 700 patients/subjects, has an active IND, and a protocol on
file with the FDA under which a Phase II clinical trial for the treatment
of post-operative ileus can be conducted, and a protocol to initiate a
Phase II clinical trial for the treatment of oral mucositis. The Company
has submitted and expects to shortly receive Orphan Drug Designation status
in Europe and has an Orphan Drug application pending with th
|SOURCE ActivBiotics, Inc.|
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