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BioWest Therapeutics, Inc.
Drug Names(s): MX-4509
Description: MX-4509 is an orally administered sodium salt of 17a-estradiol 3-sulphate. This compound is believed to be broadly neuroprotective, protecting neurons from various toxic insults, stabilizing mitochondrial membranes and blocking cell death. It has also exhibited antioxidant properties.
Deal Structure: MX-4509 was originally developed by Migenix.
In February 2010, Migenix announced that it entered into an investment agreement in respect of a plan of arrangement with Madison Pacific Properties to reorganize Migenix and provide it with non-dilutive funding in the amount of $4,000,000. Under the terms of the Investment Agreement, Madison made an investment in Migenix in the aggregate amount of $4,000,000, and Migenix will cause substantially all of its business and operations, including the proceeds from the transaction, to be transferred to BioWest Therapeutics, a wholly-owned subsidiary of Migenix, which will have substantially all of the same assets, liabilities, directors, management and consultants as Migenix had.
Upon completion of the agreement, among other things: (i) shareholders of Migenix will own 100% of the outstanding shares of BioWest Therapeutics, and holders of securities convertible into Migenix common shares will hold securities of BioWest Therapeutics in place...See full deal structure in Biomedtracker
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