NanoAntibiotics Inc., a development stage company focused on the discovery, development, and commercialization of novel drug therapies, announces the acquisition of LAT Pharma LLC, of Chicago, IL, an early-stage biotechnology company developing novel medicines to treat life-threatening complications of liver cirrhosis.
LAT Pharma brings a promising new therapeutic opportunity to NanoAntibiotics. Earlier this year LAT Pharma met with the FDA to discuss a submission for a novel therapy to treat ascites due to liver cirrhosis. The meeting designated as a “pre-investigational new drug (IND) meeting,” provided guidance that is currently being addressed. The company’s goal is to commence a clinical trial program in human subjects upon FDA clearance of the IND application.
“The acquisition of LAT Pharma by NanoAntibiotics will provide the resources necessary to execute the next step in our goal of advancing a novel, potentially life-saving new drug therapy into the clinic,” commented Jonathan Adams, Chief Executive Officer at LAT Pharma.
In an all-stock, cashless deal, NanoAntibiotics acquired LAT Pharma LLC in a triangular merger in exchange for 39,820,000 newly-issued shares of the company’s common stock. Following the retirement and cancellation of an equal number shares, the total number of NNAB shares outstanding post-merger will not change. Following the merger, the company will change its name to BioVie, Inc.