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Fortress Biotech's Partner Offloads CUTX-101 To Sentynl Therapeutics

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  • 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.
 

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