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Cellceutix Corporation

Drug Names(s): PMX-30063, Brilacidin-OM

Description: PMX-30063 is a defensin mimetic antibiotic. It is a completely synthetic, non-peptide, small molecule that is designed to mimic the amphiphilic structure of host defense proteins. Host defense proteins are part of the non-humoral response. Host defense proteins have an amphiphilic structure that is believed to be responsible for their antimicrobial activity and their ability to directly disrupt bacterial cell membranes. PMX-30063 directly disrupts bacterial cell membranes.

In vitro, PMX30063 exhibits the following MIC values against clinical isolates:
MRSA: 1 ug/mL (n=158)
MSSA: 1 ug/mL (n=92)
CoNS: <2 ug/mL (n=70)
Streptococcus pyogenes 2-4 ug/mL (n=50)
Streptococcus pnueumoniae: 4-16 ug/mL (N=30)
Enterococcus faecalis: 1-8 ug/mL (n=15)
Enterococcus faecium 1-2 ug/mL (n=15)
Enterobacter spp., Pseudomonas, Acnetobacter spp.: modest activity.

Deal Structure: Cellceutix and PolyMedix
In September 2013, Cellceutix announced that it has acquired all of the assets of the company formerly known as PolyMedix. The acquisition includes the PolyMedix pipeline of nine compounds as well as the equipment assets at PolyMedixs 25,000-square-foot headquarters and laboratory. PolyMedix filed for Chapter 7 bankruptcy protection on April 1, 2013. Following a due diligence process, Cellceutix submitted a stalking horse bid for the PolyMedix assets in August. On Wednesday, September 4, the Bankruptcy Court for the District of Delaware approved the asset purchase agreement. In the transaction, Cellceutix assumes none of the debt associated with PolyMedix. The purchase price was $2.1 million in cash and 1.4 million shares of CTIX stock.

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