Cambridge, UK; June 26, 2019. Atlantic Healthcare plc (“Atlantic Healthcare” or “Company”), a specialist pharmaceutical company focused on developing and commercializing therapeutics that address unmet patient needs and rare diseases, today announced that the Company has entered into an agreement to acquire the global rights to renzapride from EndoLogic LLC (“EndoLogic”). Renzapride is a clinical stage product, which we believe has wide applicability for the treatment of motility disorders of the gastrointestinal (GI) tract, many of which represent significant unmet medical needs.
Under the terms of the agreement, EndoLogic will receive a signature payment to the value of $3m, enabling the company to acquire an equity stake in Atlantic Healthcare plc. EndoLogic is also eligible to receive up to $48m in milestone payments for the development of gastrointestinal indications, a number of which are expected to be orphan designations. In addition, the agreement includes a commercial milestone payment and single digit royalties on product sales.
Toby Wilson Waterworth, Chief Executive Officer, Atlantic Healthcare said: “Renzapride is an important addition to Atlantic Healthcare’s portfolio, which complements the Company’s existing pipeline. The molecule’s attractive safety profile and unique dual mode of action will help differentiate it from other products targeting gut motility. We look forward to building a robust clinical pipeline with renzapride, to address unmet patient needs in this GI clinical area.”
Zamir S Brelvi, M.D., Ph.D., Co-Founder and Chief Executive Officer, EndoLogic said: “Dr Kamal Dutta, my co-founder and President of EndoLogic, and I are delighted to have agreed terms with Atlantic Healthcare, to develop further renzapride’s potential. EndoLogic is committed to seeking innovative solutions for unmet patient needs and we are confident that Atlantic Healthcare’s expertise in orphan drug and gastrointestinal indications will be invaluable. We are pleased to become a shareholder and look forward to contributing our medical expertise in the years ahead.”
Renzapride is an orally bioavailable small molecule with a dual mode of action. It is a full agonist at 5-HT4 receptors and stimulates gut motility. It is also a partial antagonist at 5-HT3 receptors, which has the effect of reducing nausea and vomiting, symptoms experienced by many patients with impaired gut motility. This dual mode of action means renzapride has the potential to treat a variety of gastrointestinal disorders.
Inclinical trials involving over 1,000 patients,renzapride has demonstrated efficacy in the upper and lower gastrointestinal tract. These trials have shown that it can enhance gastric emptying, reduce small bowel transit time and increase colonic motility.
In development, renzapride has been found to be safe and well tolerated. It does not demonstrate the cardiac toxicity and prolonged QT interval (the time it takes for the ventricles of the heart to contract and relax) that is exhibited by some other products with the same pharmacology.
About Atlantic Healthcare
Atlantic Healthcare plc is focused on developing and commercializing therapeutics that can address unmet needs of patients who are managed by healthcare professionals in hospital and specialist care environments. The Company owns the exclusive worldwide rights to alicaforsen, a promising drug that is in development for the treatment of inflammatory bowel disease (IBD) and other gastrointestinal indications.
We intend to commercialize our products in Europe and the U.S. using a specialist sales team targeting gastroenterologists in hospitals and specialist care centers. We plan to partner with established pharmaceutical companies to commercialize products in the rest of the world.
Atlantic Healthcare is led by an experienced international Board and Leadership Team, with deep roots and a proven track record in the pharmaceutical industry.
EndoLogic LLC is a U.S. company that designs and develops new patented technologies in the pharmaceutical and medical devices sector. The Company’s founders, Dr. Zamir S. Brelvi and Dr Kamal Dutta are highly experienced U.S. clinicians.
Dr Zamir S Brelvi, M.D., Ph.D., is a US trained gastroenterologist, inventor and academic researcher with a vast experience in endoscopic procedures and device development. Dr. Kamal Dutta, MD, FACOG, FACS, is a pelvic surgeon, with more than 30 years of experience in designing, developing and patenting technologies in the pharmaceutical and medical device sectors.
Forward Looking Statements
This press release contains forward looking statements that are based on management’s beliefs and assumptions as of the date of this press release. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from those indicated by such statements. These forward-looking statements involve risks and uncertainties, including, among others, that the development of any products for their stated uses may not proceed due to safety, efficacy or other reasons. In addition, risks and results in clinical trials may not be indicative of risks or results from later stage or larger scale trials, and there is no assurance of regulatory approval. Existing and prospective investors should not place undue reliance on the forward-looking statements contained in this press release and instead should make their own determinations as to the reliability of such statements. Atlantic Healthcare undertakes no intent or obligation to update the information contained in this press release.
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