Fortress Biotech's Partner Offloads CUTX-101 To Sentynl Therapeutics - Fortress Biotech (NASDAQ:FBIO)

Fortress Biotech Inc's (NASDAQ: FBIO) partner company, Cyprium Therapeutics Inc, has agreed to sell CUTX-101 to Sentynl Therapeutics Inc.
CUTX-101 is a copper histidinate product candidate for the treatment of Menkes disease. The condition is characterized by sparse and depigmented hair, connective tissue problems, severe neurological symptoms, and neurodevelopmental delays.
Under the agreement, Cyprium is eligible to receive up to $20 million in upfront development and regulatory cash milestones through marketing application approval, as well as potential sales milestones.
Royalties on CUTX-101 net sales ranging from the mid-single digits up to the mid-twenties are also payable.
Cyprium will retain the development responsibility of CUTX-101 through approval of the marketing application by the FDA. Sentynl will be responsible for the commercialization of CUTX-101 and progressing newborn screening activities.
Sentynl will begin the rolling submission of the marketing application to the FDA this year.
Price Action: FBIO gained 1.88% at $3.8 in premarket trading on the last check Wednesday.