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HedgePath Pharmaceuticals, Inc. Completes Reorganization Plan with Commonwealth Biotechnologies
Date:8/19/2013

TAMPA, Fla. and SAN DIEGO, Aug. 19, 2013 /PRNewswire/ -- HedgePath Pharmaceuticals, Inc. (OTCPink:HPPI) (HPPI) announced today that it has completed a series of transactions to effectuate the reorganization of Commonwealth Biotechnologies, Inc. (CBTI) and CBTI's exit from its previously announced Chapter 11 proceedings via a Plan of Reorganization that will enable HPPI to operate as a public company.

As a new public company, HPPI will continue its program to initiate the clinical development of itraconazole (a drug currently approved by the U.S. Food and Drug Administration (FDA) as an anti-fungal agent) to re-purpose it and evaluate its potential as a treatment for cancer, with an initial focus on skin, prostate and lung cancers in the U.S. market. 

In the fourth quarter of 2013, HPPI plans to apply to the FDA for Investigational New Drug (or IND) approval for itraconazole to treat cancer as a disease category, and thereafter file for individualized clinical trial protocols for each of HPPI's target cancer indications so that HPPI may have the ability to initiate parallel clinical trials. 

In addition, the company is currently exploring strategic collaborations and financing opportunities to support its clinical development and future commercialization of its therapies.

The reorganization transactions, which were undertaken in furtherance of CBTI's Plan of Reorganization, which was approved by CBTI's stockholders and creditors and confirmed by the bankruptcy court in March 2013, consist of the following:

  • On August 9, 2013, Commonwealth Biotechnologies, Inc., a Virginia corporation which filed for voluntary Chapter 11 bankruptcy protection in January 2011, merged with a newly formed, wholly owned Delaware subsidiary called HedgePath Pharmaceuticals, In
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SOURCE HedgePath Pharmaceuticals, Inc.
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