Ontario-based Biossil Inc, a biotechnology company, recently agreed to purchase Malvern-based Galera Therapeutics’ dismutase mimetics portfolio, including avasopasem and rucosopasem, for $3.5 million. In addition, the agreement includes potential future regulatory and commercial milestones and contingent value rights of up to $105 million in aggregate.
Biossil assumes all further obligations to Blackstone Life Sciences under Galera’s 2018 Amended and Restated Purchase and Sale Agreement for dismutase mimetics products.
“We are very pleased to enter into this agreement, which substantially increases the prospects for bringing avasopasem to patients with cancer,” Dr. Mel Sorensen, Galera president and CEO, said. “Biossil has the expertise and financing capable of advancing avasopasem through the remaining clinical and regulatory hurdles to make it available to patients with cancer. We also believe this transaction serves the best interests of our shareholders, who stand to benefit further should potential regulatory and commercial milestones be achieved. Galera will continue to focus on advancing its pan-NOS inhibitor for patients with advanced breast cancer.”
The Food and Drug Administration granted Fast Track and Breakthrough Therapy designations to avasopasem for the reduction of severe oral mucositis induced by radiotherapy. Galera completed a pilot trial of avasopasem combined with stereotactic body radiotherapy in patients with locally advanced pancreatic cancer.