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Alchemia Limited

Drug Names(s): Hy-CAMP

Description: Alchemia has several drugs in development as part of its HyACT program in which existing drugs are encapsulated in hyaluronic acid (HA) nanoparticles in order to enhance the effective concentration of the drug at tumor sites and reduce toxicity. HA is a disaccharide polymer (a sugar) that is one of the primary components of extracellular matrix. HA nanoparticles bind to CD44, which one of several cell surface receptors identified for HA, triggering the internalization of the particle and subsequent lysis and release of the encapsulated drug.

For HA-Irinotecan, the generic chemotherapy, irinotecan, is encapsulated in the HA nanoparticles.

Deal Structure: Panther and Alchemia
In July 2015, Alchemia announced it has executed a binding term sheet for the conditional acquisition of 100% of the outstanding share capital of Alchemia Oncology Pty Limited (Alchemia Oncology) by Panther Biotechnology. Alchemia Oncology owns all of Alchemias oncology assets, including the HyACT technology. The closing of the transaction is predicated on the successful listing of Panther Securities on NASDAQ.

As of October 2015, Panther defaulted on two material conditions, namely the payment of operational expenses in the amount of USD150k, and the filing of its prospectus (Form-S1) with the US Securities and Exchange Commission (SEC) prior to the conclusion of the initial 30 day exclusivity period. Consequently, the conditional acquisition transaction expired on July 31, 2015. Alchemia is currently pursuing outstanding amounts owed to it by Panther as a result of this termination.

HA-Irinotecan News

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