BioVie Inc. (NASDAQ: BIVI) stock plunged by 0.51% at last close while BIVI stock kept on declining by 11.86% at last check in the pre-market trading. NeurMedix, Inc. is a bio farm clinical company that develops drugs for the treatment of neurological and neurodegenerative disorders and for the cure of cancer.
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What is happening?
BIVI announced the acquisition of NeurMedix’s biopharmaceutical properties on April 27, 2021. NeurMedix is a privately owned clinical-stage pharmaceutical company headquartered in San Diego that focuses on innovative therapeutic assets for the treatment of neurodegenerative and neurological conditions, as well as some cancers.
Under the terms of the contract, BioVie will give NeurMedix an additional cash payment of $7.3 million, after all, clinical programs, after the funding of a pivotal phase 3 clinical trial, for the lead drug candidate of NuerMedix NE3107. The agreement will include a newly issued share, which will include 8.361.308 new shares of BioVie and approximately $3.0 million in cash at the closing date. It will close in June 2021.
Terren Peizer, Chairman of BioVie commented:
They believe this is a transformative transaction for BioVie. With it, BioVie has acquired an attractive portfolio of agents with broad therapeutic potential in Alzheimer’s disease, Parkinson’s disease, several oncology indications, and potentially many other areas. Combined with BioVie’s lead candidate BIV201 in development for the treatment of advanced liver diseases, they expect to have two molecules entering pivotal Phase 3 studies in the coming year.
In addition to this,
BioVie also confirmed the appointment of Cuong V. Do as President and CEO, effective immediately, in conjunction with the asset acquisition. Mr. Do is a seasoned biotech and pharmaceutical businessman who founded Callidus Biopharma (which was sold to Amicus Therapeutics), Lysodel Therapeutics, and M6P Therapeutics, among others. Mr. Do previously served as President of Samsung’s Global Strategy Group, where he assisted in the creation of the company’s biologics strategy.