Oxygen Biotherapeutics (OXBT) is set to acquire the North American development and commercialization rights to levosimendan from privately-held Phyxius Pharma.
OXBT will issue 3.4M common shares and convertible notes to Phyxius stockholders in a private placement.
"Upon closing of this transaction OXBT will be a company that has a clear path to commercialization with a Phase 3 asset addressing a $600M market," the company notes, adding that levosimendan has Fast Track designation and "an agreed study protocol under the SPA."
As part of the deal, Phyxius founder and CEO John Kelley will become the new CEO of OXBT. (PR)
OXBT +38.6% AH