Biota Pharmaceuticals Announces Sale of Antibiotic Assets to Spero Therapeutics
March 17 2016 - 6:30AM
Biota Pharmaceuticals, Inc. (NASDAQ:BOTA) today announced that it
has completed the sale of assets related to its broad spectrum
antibiotic program to a newly formed subsidiary of Spero
Therapeutics, LLC, a Cambridge-based biopharmaceutical company
founded to develop novel therapies for the treatment of bacterial
infections. Financial terms of the transaction were not disclosed.
“This transaction gives us the opportunity to economically
benefit from the antibiotic assets in our infectious disease
portfolio and to fully focus our resources on our clinical-stage
direct antiviral programs aimed at addressing infections with
limited therapeutic options,” said Joseph Patti, Ph.D., president
and chief executive officer of Biota. “We are pleased that the
investigation of this early stage antibiotic program will be
continued by Spero, an organization with significant expertise in
the development of anti-infectives.”
“Spero is continuing to pioneer new approaches to treat serious
infections. As we look to advance our programs into the clinic,
these assets from Biota will support our mission of finding
innovative treatments for serious bacterial infections,” said Ankit
Mahadevia, M.D., Co-founder and Chief Executive Officer of
Spero.
About Biota Pharmaceuticals, Inc.
Biota Pharmaceuticals is focused on the discovery and
development of direct-acting antivirals to treat infections that
have limited therapeutic options and affect a significant number of
patients globally. The Company has three product candidates in
active clinical development. These include: vapendavir, an oral
treatment for human rhinovirus infections in moderate-to-severe
asthmatics, currently being evaluated in the Company's ongoing
Phase 2b SPIRITUS trial; BTA585, an oral fusion protein inhibitor
in Phase 2 development for the treatment and prevention of
respiratory syncytial virus infections; and BTA074, a topical
antiviral treatment in Phase 2 development for condyloma caused by
human papillomavirus types 6 & 11. For additional information
about the Company, please visit www.biotapharma.com.
About Spero
Spero is a biopharmaceutical company developing a pipeline of
novel treatments for bacterial infections and is located in
Cambridge, Massachusetts. The company’s pipeline of anti-infective
agents is one of the most unique in the industry. Spero is
pioneering an entirely new therapeutic platform called the
Potentiator; this approach has yielded multiple molecules that
enhance the utility and potency of many classes of existing drugs
to include Gram-negative organisms. Spero’s DHFR program is
exploring the expansion of a novel antifolate’s antibacterial
spectrum to treat trimethoprim resistance isolates including
Gram-negative pathogens. The investors in Spero include Atlas
Ventures, SR One, MRL Ventures, Lundbeckfond Ventures, The Kraft
Group, Osage Partners and The Partners Innovation Fund. For more
information, please visit www.sperotherapeutics.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve known and unknown risks and uncertainties concerning
Biota's business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements, including the potential efficacy of the
Company's three programs in the clinic. Various important factors
could cause actual results, performance, events or achievements to
materially differ from those expressed or implied by
forward-looking statements contained elsewhere in this press
release and in our Annual Report on Form 10-K, Quarterly Report on
Form 10-Q and our other reports filed with the Securities and
Exchange Commission. There may be events in the future that the
Company is unable to predict, or over which it has no control, and
the Company's business, financial condition, results of operations
and prospects may change in the future. The Company may not update
these forward-looking statements more frequently than quarterly
unless it has an obligation under U.S. Federal securities laws to
do so.
Biota is a registered trademark of Biota Pharmaceuticals,
Inc.
Contacts:
Mark ColonneseExecutive Vice President and Chief Financial
OfficerBiota Pharmaceuticals, Inc.(678)
221-3381m.colonnese@biotapharma.com
Beth DelGiaccoStern Investor Relations, Inc.(212)
362-1200beth@sternir.com
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