Fortress Biotech's Partner Offloads CUTX-101 To Sentynl Therapeutics

• Fortress Biotech Inc's (NASDAQ: FBIO) partner company, Cyprium Therapeutics Inc, has agreed to sell CUTX-101 to Sentynl Therapeutics Inc.

• CUTX-101 is a copper histidinate product candidate for the treatment of Menkes disease. The condition is characterized by sparse and depigmented hair, connective tissue problems, severe neurological symptoms, and neurodevelopmental delays.

• Under the agreement, Cyprium is eligible to receive up to $20 million in upfront development and regulatory cash milestones through marketing application approval, as well as potential sales milestones.

• Royalties on CUTX-101 net sales ranging from the mid-single digits up to the mid-twenties are also payable.

• Cyprium will retain the development responsibility of CUTX-101 through approval of the marketing application by the FDA. Sentynl will be responsible for the commercialization of CUTX-101 and progressing newborn screening activities.

• Sentynl will begin the rolling submission of the marketing application to the FDA this year.

• Price Action: FBIO gained 1.88% at $3.8 in premarket trading on the last check Wednesday.

See more from Benzinga

• Click here for options trades from Benzinga

• Kura Oncology Receives FDA Breakthrough Therapy Tag For Tipifarnib In Head & Neck Cancer

• Qiagen, Inovio In Development Pact For VGX-3100 Companion Diagnostics

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.