Liminal BioSciences Announces Closing of Sale of Priority Review Voucher
LAVAL, QC and CAMBRIDGE, England, Sept. 28, 2021 /PRNewswire/ -- Liminal BioSciences Inc. (NASDAQ: LMNL) ("Liminal BioSciences" or the "Company"), announced today that its subsidiary Prometic Biotherapeutics Inc. ("PBT") has closed on the sale of its Priority Review Voucher ("PRV") for USD 105 million.
Under the terms of the previously announced Share Purchase Agreement entered into with Kedrion S.p.A. ("Kedrion"), the consideration to be received by Liminal for the PRV sale is seventy percent (70%) of the net proceeds which is payable to Liminal by its subsidiary PBT.
The company anticipates using the proceeds to be received by Liminal to advance the continued development of our small molecule pipeline, and we plan to update the market regarding our small molecules R&D strategy in the coming months following the review of the complete data from the ongoing fezagepras phase 1 multi-ascending dose clinical trial.
About Liminal BioSciences Inc.
Liminal BioSciences is a biopharmaceutical company focused on the discovery and development of novel, small molecule drug candidates for the treatment of patients suffering from respiratory fibrotic diseases and other fibrotic or inflammatory diseases that have a high unmet medical need. The Company's lead small molecule product candidate, fezagepras (PBI-4050), is in a Phase 1 clinical trial in in the United Kingdom to evaluate multiple-ascending doses in normal healthy volunteers, at daily dose exposures higher than those evaluated in our previously completed Phase 2 clinical trials. The Company expects that a full analysis of the complete PK data set from the phase 1 multi-ascending dose clinical trial will help determine the choice of other potential indications for further development of fezagepras. In addition, the Company is also currently developing a selective GPR84 antagonist candidate and an oral, selective OXER1 antagonist candidate. Our GPR84 and OXER1 antagonist programs are currently at the pre-clinical stage.
Liminal BioSciences has active business operations in Canada and the United Kingdom.
This press release contains forward-looking statements about Liminal BioSciences' objectives, strategies and businesses that involve risks and uncertainties. Forward–looking information includes statements concerning, among other things, statements with respect to the form, timing, ability to consummate or successful outcome of any strategic transactions pertaining to the Company's non-core assets, including the ongoing divestment of our Ryplazim (Plasminogen) related business or assets; the utilization of proceeds from any such transaction; the potential of our product candidates and development of R&D programs and the timing of initiation or nature of pre-clinical and clinical trials.