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Sevion Therapeutics Inc. and Eloxx Pharmaceuticals Ltd Announce the Entering into of an Acquisition Transaction
Sevion Therapeutics Inc. and Eloxx Pharmaceuticals Ltd Announce the Entering into of an Acquisition Transaction.
About this update from Eloxx Pharmaceuticals, Inc.
[{"type":"text","content":"\n \n Sevion Therapeutics, Inc., (OTCQB: SVON) and Eloxx Pharmaceuticals Ltd., \n a clinical stage company developing therapeutics for genetic diseases \n caused by non-sense mutations, announced today the signing of a \n definitive agreement on May 31, 2017 for an acquisition transaction. \n Under the terms of the agreement, Eloxx will become a wholly owned \n subsidiary of Sevion. Upon completion of the transaction, Sevion will \n change its name to Eloxx Pharmaceuticals, Inc. and intends to apply to \n have its shares listed for trading on NASDAQ.\n \n \n Under the terms of the agreement, Eloxx shareholders will receive shares \n of Sevion’s common stock reflecting approximately 70% of Sevion’s issued \n and outstanding share capital, subject to further adjustment. The \n parties expect to raise at least $24 million in private equity \n investment rounds as a condition prior to consummation of the \n acquisition transaction. “The transaction with Sevion positions Eloxx to \n become a leading rare disease company with sufficient capital to advance \n its pipeline of first-in-class small molecule therapeutics through \n significant value-creating events,” commented Dr. Silvia Noiman, CEO of \n Eloxx. “We plan to initiate multiple clinical studies for ELX-02, our \n lead development candidate. Importantly, we anticipate achieving \n substantial clinical milestones over the course of 2017 and 2018 \n particularly in our lead clinical programs in cystic fibrosis and \n cystinosis patients carrying non-sense mutations. ELX-02 has shown \n pharmacological, pharmacodynamic and physiological effects in several \n animal models of genetic disease cause by non-sense mutations including \n Cystic Fibrosis (CF) , Cystinosis, Duchene Muscular Dystrophy (DMD), \n Rett syndrome and mucoplysaccharidose type I (MPS I).”\n \n \n “We are enthusiastic by the breadth of Eloxx’ technology and pipeline, \n the quality of the management team and the prospects for Eloxx’ products \n and technology, particularly its lead compound for the treatment of \n cystic fibrosis and cystinosis patients carrying non-sense mutations,” \n said Dr. Phillip Frost. “Based upon its unique capabilities to restore \n full-length functional proteins in genetic diseases, we expect that \n Eloxx will establis...