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NanoAntibiotics Acquires Company Developing Novel Therapies for Liver Disease
Announces New Company Name -- BioVie, Inc.
BEVERLY, MA--(Marketwired - Apr 18, 2016) - NanoAntibiotics Inc. (OTC: NNAB) (the "Company"), a development stage company focused on the discovery, development, and commercialization of novel drug therapies, is pleased to announce the acquisition of LAT Pharma LLC, of Chicago, IL, an early-stage biotechnology company developing novel medicines to treat life-threatening complications of liver cirrhosis.
LAT Pharma brings a promising new therapeutic opportunity to NanoAntibiotics. Earlier this year LAT Pharma met with the FDA to discuss a submission for a novel therapy to treat ascites due to liver cirrhosis. The meeting designated as a "pre-investigational new drug (IND) meeting," provided guidance that is currently being addressed. The Company's goal is to commence a clinical trial program in human subjects upon FDA clearance of the IND application.
"The acquisition of LAT Pharma by NanoAntibiotics will provide the resources necessary to execute the next step in our goal of advancing a novel, potentially life-saving new drug therapy into the clinic," commented Jonathan Adams, Chief Executive Officer at LAT Pharma.
In an all-stock, cashless deal, NanoAntibiotics acquired LAT Pharma LLC in a triangular merger in exchange for 39,820,000 newly-issued shares of the Company's common stock. Following the retirement and cancellation of an equal number shares, the total number of NNAB shares outstanding post-merger will not change. Following the merger, the Company will change its name to BioVie, Inc.
About Liver Cirrhosis and Ascites
An estimated 1 million Americans and millions worldwide suffer from liver cirrhosis. Cirrhosis is the 12th leading cause of death due to disease in the US, killing an estimated 27,000 people each year. The condition results primarily from hepatitis, alcoholism, and fatty liver disease linked to obesity.
Ascites is a common complication of advanced liver cirrhosis. Approximately 60% of cirrhosis patients will develop ascites over a 10-year span. The prognosis for ascites is very poor, with an estimated 40% of patients dying within two years of diagnosis. Life-threatening complications of ascites include infection, sepsis, and circulatory dysfunction. Current treatments aim to provide symptomatic relief by eliminating fluids to reduce abdominal swelling. Certain medications may provide relief in the initial stages, but as the condition worsens, patients may fail to respond. US direct treatment costs for this condition are estimated at more than $4 billion annually.
About LAT Pharma LLC
LAT Pharma was founded with a mission to invent, develop, and commercialize therapies for people suffering from advanced liver cirrhosis and its life-threatening complications. The company's initial disease target is ascites due to liver cirrhosis. Patients with ascites face a very poor prognosis and there are no effective drug therapies for the latter stages of this disease. Liver cirrhosis and related complications are the 12th leading cause of death due to disease in the US, killing an estimated 27,000 people each year. In addition to its pre-IND new drug candidate, the company has a collaboration with PharmaIN Corporation (Bothell, WA) to develop novel compounds for liver diseases.
Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause NanoAntibiotics' actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. NanoAntiobiotics has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are NanoAntibiotics' need for, and the availability of, substantial capital in the future to fund its operations and research and development. The fact that NanoAntibiotics' compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in NanoAntibiotics' filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. NanoAntibiotics undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
