BIVI - BioVie acquires biopharma assets from private company NeurMedix

BioVie (BIVI) trades 7.1% higher after hours on acquiring biopharmaceutical assets of NeurMedix, a San Diego based privately held clinical-stage pharmaceutical company focused on novel therapeutic assets for the treatment of neurodegenerative and neurological disorders, as well as certain cancers.Under agreement terms, BioVie will pay to NeurMedix consideration consisting of 8.36M newly issued BioVie shares and ~$3M cash on closure and additional $7.3M cash payment after all contemplated clinical programs have been funded and a pivotal Phase 3 clinical trial for NuerMedix' lead drug candidate, NE3107, has met its primary endpoints, and additional shares over time as various significant clinical, regulatory, and commercial milestones are met.Transaction expected to close in June 2021.BioVie also announced the appointment of veteran biotech and pharmaceutical entrepreneur, Cuong V. Do as President and CEO, effective immediately.Mr. Do earlier founded Callidus Biopharma (sold to Amicus Therapeutics), Lysodel Therapeutics and M6P Therapeutics.

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BioVie acquires biopharma assets from private company NeurMedix