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news.ADVENTRX Pharmaceuticals, a specialty pharmaceutical company developing therapeutics for cancer treatment, has entered into an agreement to acquire SynthR, a private biotechnology company developing a purified form of a rheologic and antithrombotic agent, poloxamer 188 (188), indicated as a treatment for micro-vascular disorders.
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Poloxamer 188 is a nonionic block copolymer surfactant that minimizes the cascade of adhesive, inflammatory and coagulation responses that cause adhesion of cells, impaired blood flow and tissue ischemia.
The all-stock transaction terms state that SynthRx would become a wholly-owned subsidiary of ADVENTRX in exchange for shares of ADVENTRX common stock.
Over 95% of the merger consideration is based on milestone achievement, and over 75% of merger consideration on NDA acceptance/approval.
ADVENTRX CEO Brian Culley said SynthRx acquisition will be a transformative event for the company since it will add another late-stage asset to its pipeline, and make the data from the planned phase 3 study available despite paying less than 25% of the total deal consideration.
"The 188 program will fit well with our existing assets and provide several exciting development opportunities because beyond sickle cell, 188 has clinical benefits in other acute events related to microvascular-flow abnormalities," Culley said.