Saniona AB: Saniona announces a merger of its spin
Post# of 301275
PRESS RELEASE
March 6, 2017
Saniona, a leading biotech company within ion-channel research, today announces that its spinout company Ataxion has engaged into a merger with Luc Therapeutics Inc. Luc Therapeutics, which will be the continuing company, will focus on Precision Medicine for Neurological and Psychiatric diseases and have three development programs in the pipeline. Luc Therapeutics has a partnership with global leader Novartis.
"This important strategic move for Ataxion will generate a company with a much broader, mature and risk balanced pipeline. The existing partnership with Novartis speaks for the quality of the Luc Therapeutics development programs and we see very interesting near term value being created in the merged company. The merged company creates a solid basis for developing Saniona's potentially first medical treatment for ataxias and other severe neurodegenerative diseases, says Jørgen Drejer, CEO of Saniona.
Saniona will hold a 7.1 % ownership in the merged Luc Therapeutics and maintain rights to royalties of marketed products from the Ataxia program.
The merged Luc Therapeutics will have a focus on Precision Medicine for psychiatric and neurological diseases and have three active development programs in the pipeline: A program in depression partnered with Novartis in 2015; the ataxia preclinical program originating from Ataxion (originally spun out from Saniona); and a research program addressing treatment of schizophrenia. The research collaboration agreement between Ataxion and Saniona will continue into the new merged company Luc Therapeutics Inc. whereas Biogen's option to the program has been terminated in connection with the merger. The merger is not expected to have any impact on Saniona's financial expectation for 2017 since Saniona will continue to generate income under the ataxia program with Luc Therapeutics.
Ataxion was established in 2013 by Atlas Venture Inc. and Saniona with the aim of developing Saniona's research program for treatment of ataxia.
For more information, please contact
Thomas Feldthus, EVP and CFO, Saniona, Mobile: +45 2210 9957, E-mail: tf@saniona.com
This information is information that Saniona (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 18:00 CET on March 6, 2017.
About Saniona
Saniona is a research and development company focused on drugs for diseases of the central nervous system, autoimmune diseases, metabolic diseases and treatment of pain. The company has a significant portfolio of potential drug candidates at pre-clinical and clinical stage. The research is focused on ion channels, which makes up a unique protein class that enables and controls the passage of charged ions across cell membranes. Saniona has ongoing collaboration agreements with Boehringer Ingelheim GmbH, Upsher-Smith Laboratories, Inc., Productos Medix, S.A and Luc Therapeutics, Inc. Saniona is based in Copenhagen, Denmark, where it has a research center of high international standard. Saniona is listed at Nasdaq First North Premier and has about 4,500 shareholders. Pareto Securities is Certified Advisor for Saniona. The company's share is traded under the ticker SANION. Read more at www.saniona.com .
About Luc Therapeutics, Inc.
Luc Therapeutics, Inc. is a private biotechnology company based in Cambridge, MA and funded by Atlas Venture, Clal Biotechnology Industries ( CBI) and Slater Technology Fund. The company is translating new understandings of human neurobiology into differentiated medicines for serious psychiatric and neurological diseases. Luc Therapeutics is developing novel therapeutics targeting the NMDA receptor to treat neuropsychiatric disorders. NMDA receptors are essential components of the brain's cognitive engine, dynamic synaptic plasticity. In 2015 Luc Therapeutics entered into a License and Collaboration Agreement with Novartis to Accelerate Development of Its Program for the Treatment of Depression. The lead asset in this program has now progressed into IND enabling development. Read more at www.luctherapeutics.com
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