ContraVir Pharmaceuticals, Inc. (NASDAQ: CTRV), a biopharmaceutical company focused on the development and commercialization of targeted antiviral therapies, announced today that it has completed its previously announced merger with Ciclofilin Pharmaceuticals, Inc., acquiring all of its outstanding equity interests. Ciclofilin's lead asset is CPI-431-32, which is in development against hepatitis B virus (HBV). CPI-431-32 strengthens ContraVir's HBV portfolio, which also contains CMX157, a highly potent HBV antiviral that works through a complementary mechanism.
"The acquisition of Ciclofilin Pharmaceuticals adds another significant compound to our hepatitis B pipeline," commented James Sapirstein, CEO of ContraVir. "CPI-431-32 is positioned to be the leading non-immunosuppressive cyclophilin inhibitor antiviral for the treatment of hepatitis B and we believe it has the potential to someday be used in combination with CMX157, our additional hepatitis B candidate in Phase 1b/2a development. We are excited to continue the pre-clinical development of CPI-431-32 in preparation for potentially entering the clinic in 2017."
Future milestone payments will be allocated among the holders of Ciclofilin common stock. The milestone payments will consist of up to an aggregate $17 million cash and up to 10% of ContraVir's issued and outstanding common stock and will be paid upon the achievement of certain developmental and/or regulatory milestones related to CPI-431-32.
About ContraVir Pharmaceuticals
ContraVir is a biopharmaceutical company focused on the development and commercialization of targeted antiviral therapies with two candidates in mid-to-late stage clinical development. ContraVir's lead clinical drug, FV-100, is an orally available nucleoside analogue prodrug that is being developed for the treatment of herpes zoster, or shingles, which is currently in Phase 3 clinical development. In addition to direct antiviral activity, FV-100 has demonstrated the potential to reduce the incidence of debilitating shingles-associated pain known as post-herpetic neuralgia (PHN) in a Phase 2 clinical study. ContraVir is also focused on developing its antiviral candidates for treating hepatitis B. These include its Phase 2a clinical candidate CMX157, a novel, highly potent analog of the successful antiviral drug tenofovir that has demonstrated the potential for low, once a day dosing compared to Viread® and decreased systemic exposure, thereby potentially reducing renal and bone side effects; and CPI-431-32, a next generation cyclophilin inhibitor with a unique structure that increases its potency and selective index against hepatitis B virus. For more information visit www.contravir.com.
