Company to Acquire Worldwide Rights for Development of IMT504
Boca Raton, FL, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Connectyx Technologies Holdings Group, Inc. (OTC: CTYX) (“Connectyx” or the “Company”), a development-stage biomedical company focusing on novel treatments for rare diseases, announced today the Company has signed a term sheet with Mid-Atlantic BioTherapeutics, Inc. (MABT) to acquire all necessary rights for the development of IMT504, a novel, patented immunotherapy, to treat symptomatic rabies worldwide. IMT504 is being developed to treat patients whose disease has progressed beyond the stage where it can be treated by the existing approved rabies vaccines. Importantly, IMT504 has been granted orphan drug designation in the US, which provides significant benefits including tax credits, market exclusivity and waiver of certain FDA fees. The transaction is expected to close within 60 days.
“This strategic relationship provides an example of how the Company plans to grow our rare diseases product pipeline through a combination of acquisitions, in-licensing and sub-licensing of new technologies.” Paul M. Michaels, Connectyx CEO said.
MABT CEO David Horn, M.D. commented that “Rabies infection in patients that has progressed for several weeks from the initial animal bite, without conventional treatment, is almost always a fatal disease. There is a clear unmet need for new treatments for rabies, and our goal in this exciting collaboration with Connectyx is to accelerate the testing and approval of this sorely needed treatment option for patients worldwide.”
About Mid-Atlantic BioTherapeutics, Inc. https://mabt.us/
Mid-Atlantic BioTherapeutics was founded in 2011 with the mission of eradicating infectious diseases. MABT is a clinical-stage pharmaceutical company focused on the clinical development and commercialization of novel anti-infective approaches, such as the patented IMT504 technology platform that harnesses the body’s own immune response to fight off infections. The company is actively addressing the growing antibiotic resistance problems and creating a revolutionary treatment paradigm for bacterial and viral diseases, emerging infectious diseases and biodefense.
About Connectyx Technologies Holdings Group, Inc. http://connectyx.com/
Connectyx is a development-stage biomedical company focusing on novel treatments for rare diseases. The Company is transforming through the acquisition, in-licensing and sub-licensing of new technologies. At Connectyx, we envision a world where all patients have a therapeutic option.
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Connectyx Technologies Holdings Group, Inc