Atlanta– December 28, 2010 – ActivBiotics Pharma, LLC announced today that it has mutually agreed with former Triton Pharma AG to terminate their previously announced acquisition of ActivBiotics Pharma to form TrioBiotics Pharma AG (Fr: T33) including mutual releases of any claims and liabilities arising out of or relating to the acquisition agreement. On December 17, 2010, ActivBiotics Pharma officially notified TrioBiotics Pharma that it was terminating the acquisition agreement under the terms of the acquisition agreement. ActivBiotics Pharma will not incur any financial obligation to TrioBiotics Pharma as part of this termination agreement.
“Based on our due diligence and failure to deliver the necessary funding for clinical research in a timely manner, our Board has decided that terminating the transaction is the appropriate action to take despite our best efforts and good faith negotiations. Although we are disappointed in the outcome of the transaction, our overall focus of accelerating the clinical development of our late stage clinical candidate, rifalazil remains unchanged,” said Dr. Chalom Sayada, President of ActivBiotics Pharma.
About ActivBiotics Pharma, LLC ActivBiotics Pharma, LLC is a privately owned, pharmaceutical company founded in 2008 and located in Tucker, Georgia, USA. ActivBiotics Pharma acquired all the global rights from ActivBiotics Inc. (Boston, Massachusetts) for rifalazil and a library of robust pipeline of rifalazil derivatives with a lead pre-clinical candidate targeting Skin & soft tissue infections caused by MRSA and other gram positive bacteria, and several derivatives with narrow to broad spectrum of antibacterial activities. Rifalazil has established anti-chlamydial potency with superiority to standard of care (azithromycin) in a Phase II comparative study and antituberculosis activity in a Phase IIa study. It has a long intracellular half-life, high tissue penetration and intracellular accumulation with no drug-to-drug interactions via P450 enzyme pathways, which is particularly relevant in patients co-infected with HIV and tuberculosis and in the need to receive combination therapies. To date, rifalazil has completed 9 Phase I, 4 Phase II, and 1 Phase III studies under US INDs.
Rifalazil is a proprietary orally administered potent antibacterial agent with activity against diseases caused by gram-positive pathogens (including multidrug resistant strains) as well as some obligate intracellular bacteria including chlamydia. Rifalazil is a late stage drug, best in the ansamycin class, in Phase II/III clinical development and has been administered safely to more than 600 individuals with established efficacy in humans for the treatment of chlamydial sexually transmitted diseases (STDs). Chlamydia is the most prevalent STD with more than 10 million cases in the US, European Union and Eastern Europe, and more than 90 million infections per year worldwide. Untreated or inadequately treated chlamydial infections can result in severe reproductive sequelae, including pelvic inflammatory disease, salpingitidis and endometriosis, which are the leading causes of infertility, particularly in the western world. Rifalazil also shows potential for the treatment of several other indications causing substantial economic burden and with unmet global medical needs, including clostridium difficile associated diarrhea (CDAD), other GI-related indications, tuberculosis, and MRSA infections.
Forward-looking Statements “Safe Harbor” Statement: Any statements in this press release that relate to the Companies’ expectations are forward-looking statements, within the meaning of the US Private Securities Litigation Reform Act of 1995. Since this information may involve risks and uncertainties and be subject to change at any time, the Companies’ actual results may differ materially from expected results. The Companies disclaim any obligation to update the statements contained in this press release.
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