Mpex Pharmaceuticals, Inc. to be Acquired by AxcanBy Mpex Pharmaceuticals Inc., PRNE
Wednesday, April 13, 2011
SAN DIEGO, April 14, 2011 - Mpex Pharmaceuticals, Inc. announced today that Axcan and Mpex have
entered into agreements pursuant to which Axcan will acquire all of the
outstanding shares of Mpex and its lead product candidate, Aeroquin(TM). A
proprietary aerosol formulation of levofloxacin, Aeroquin is currently in
Phase 3 clinical trials for the treatment of pulmonary infections in patients
with cystic fibrosis (CF).
All assets not associated with Aeroquin(TM), including financial and
human resources, will be spun out of Mpex and into a newly formed company.
The new company will remain in San Diego and the former personnel of Mpex
will continue to lead the Aeroquin clinical development program in
collaboration with Axcan.
Specific financial terms for this transaction were not disclosed but
include an upfront payment and a series of payments contingent on regulatory
and commercial success. The full acquisition, which is contingent upon
customary closing conditions, is expected to close in the second half of
"Axcan has a long history of developing and commercializing
pharmaceutical products for the cystic fibrosis community, as evidenced most
recently by ZENPEP(R)," stated Daniel Burgess, President and CEO of Mpex. "We
look forward to working with the dedicated team at Axcan to help bring this
potentially important new treatment option to patients with CF."
About Mpex Pharmaceuticals
Mpex Pharmaceuticals is a clinical stage biopharmaceutical company whose
mission is to develop important new therapies to combat the growing issue of
antibiotic resistance. Mpex's most advanced product candidate, Aeroquin(TM)
(MP- 376), is a proprietary aerosol formulation of levofloxacin that is
currently in Phase 3 clinical trials for the treatment of pulmonary
infections in patients with cystic fibrosis. The Company has a number of
additional antibiotic programs designed to address antibiotic resistance in
gram negative organisms, including a collaboration with GlaxoSmithKline
focused on developing drug candidates utilizing Mpex's efflux pump inhibitor
(EPI) technology. Company website: www.mpexpharma.com.
Axcan, with the recent acquisition of Eurand Pharmaceuticals Inc., is a
privately held, leading global specialty pharmaceutical company with
clinical, manufacturing and commercial operations in the United States, the
European Union and Canada. Axcan develops, manufactures and commercializes
pharmaceutical and biopharmaceutical products based on its proprietary
pharmaceutical technologies used in the treatment of a variety of
gastrointestinal and other disorders, including cystic fibrosis. Its
technology platforms include bioavailability enhancement of poorly soluble
drugs, custom release profiles and taste-masking/orally disintegrating tablet
(ODT) formulations. For more information, visit www.Axcan.com.
Daniel Burgess, President & CEO, +1-858-875-6675, Jennifer Larson, +1-415-725-2017, jlarson at labfive.com, for Mpex Pharmaceuticals
Tags: April 14, california, Mpex Pharmaceuticals Inc., San diego