PlasmaTech Biopharmaceuticals Inc PTBI:NASDAQ (Common Stock)
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Biotechnology & Medical Research


6:21 EDT - PlasmaTech Biopharma (PTBI) outlines the next step in the company's walk, reaching a deal to by a closely held drug developer for $24M in stock--coming a day after shares doubled after George Soros' hedge fund unveiled a 5% stake in PTBI. As part of the acquisition the CEO of target Abeona will lead the bulked-up PTBI. The company has been seeking "to build a world-class cell- and gene-therapy company focused on rare diseases," notes Chairman Steven H. Rouhandeh. He adds Abeona will "accelerate development and internationalization of both clinical programs" of Abeona's. PBTI is up another 10% premarket at $6.58, a level last seen in December. Shares were halved later that month amid a capital raising. (kevin.kingsbury@wsj.com; @kevinkingsbury)
(END) Dow Jones Newswires

May 06, 2015 06:21 ET (10:21 GMT)

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