Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- GSK Plc (NASDAQ:GSK) has entered into an exclusive license agreement for Spero Therapeutics Inc's (NASDAQ:SPRO) late-stage antibiotic asset, tebipenem HBr.
- Tebipenem HBr is being developed as the first oral carbapenem antibiotic for complicated urinary tract infections (cUTI).
- Spero expects to start a new phase 3 trial in 2023, following encouraging FDA regulatory feedback on the proposed trial design.
- Spero received an FDA Complete Response Letter in June 2022, citing data from Spero's initial Phase 3 cUTI trial, ADAPT-PO, which were insufficient to support approval.
- GSK will receive exclusive rights to the antibiotic in all territories except Japan and certain other Asian countries, which Spero partner, Meiji Seika, will retain.
- Spero will be responsible for the execution and costs of the follow-up Phase 3 trial of tebipenem HBr. GSK will be responsible for the execution and costs of additional development, including Phase 3 regulatory filing and commercialization activities.
- Spero will receive an upfront payment of $66 million and milestone payments of $225 million.
- GSK has also agreed to take an equity stake in Spero, purchasing 7.45 million shares at approximately $1.20805 per share, not to exceed 19.99% ownership of Spero by GSK.
- As of June 30, Spero had a cash balance of $45.4 million. The company believes its current cash runway will be sufficient to fund it beyond 2024.
- Price Action: SPRO shares are up 154.30% at $2.09 during the premarket session on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!