More than 9% increase in pre-market explanation
- Auris Medical Holding Ltd (NASDAQ: EARS) share price rose more than 9% before market. That’s why it happened.
The share price of Auris Medical Holding Ltd (NASDAQ: EARS) – a clinical-stage company dedicated to developing therapies that address significant unmet medical needs in neurotology, rhinology, allergies and CNS disorders – a increased by more than 9% before marketing. Investors are responding positively to the company’s announcement of the acquisition of privately-held Tampa, Florida-based Trasir Therapeutics, a pioneer in the administration of extrahepatic oligonucleotides.
The purchase price is composed of 0.77 million ordinary shares of the acquiring company, the assumption of certain disbursements from the selling shareholders as well as a future payment in shares subordinated to the achievement of a milestone. specific development. The agreement – concluded on June 1, 2021 – is the starting point of a strategic repositioning within the framework of which Auris Medical intends to focus on the development of RNA-based therapies while aiming in the medium term to sell or sell. its existing assets in neurotology, rhinology, and allergology. Dr Samuel Wickline (Founder and Professor of Medicine at Trasir) has been appointed Scientific Director and has joined the Auris management team.
Trasir was launched in 2014 by Dr. Wickline based on extensive NIH-sponsored research into technologies for the safe and efficient delivery of oligonucleotides to extrahepatic tissue at the University of Washington, St. Louis MO. Its core technology is the proprietary OligoPhore peptide polyplex platform that can engage any type of RNA in rapid self-assembly. And OligoPhore enables safe and efficient systemic delivery of oligonucleotide payloads with efficient cellular uptake and complete endosomal release. Additionally, OligoPhore enables delivery to target tissues outside the liver, creating the potential for the development of RNA-based therapies for a range of indications with substantial unmet needs.
In order to reflect the strategic repositioning of the company, the board of directors of Auris Medical Holding Ltd. plans to call an extraordinary general meeting of shareholders to propose to change its corporate name to Altamira Therapeutics Ltd. And upon approval of the proposed name change, the company’s shares will begin trading under the ticker symbol “CYTO” – the root of the word for cell in ancient Greek – instead of “EARS”. In addition, the Board intends to propose the election of Margrit Schwarz, PhD, MBA, as an additional Board member. Schwarz brings with his 25 years of experience in drug discovery and development in multiple indications and modalities, gained in the global biopharmaceutical industry (Amgen, Boehringer Ingelheim, Roche, Genevant) and in international academic research settings.
“After a thorough review of various strategic options, we are very pleased to enter with the acquisition of Trasir into the field of oligonucleotide delivery, which we believe will provide us with a new line of RNA-based therapies. with disruptive potential. The global RNA-based therapies market has grown rapidly, exceeding $ 1 billion in 2020. However, the appropriate delivery technologies have remained a key limiting step in unlocking their potential. Trasir’s revolutionary OligoPhore technology enables efficient delivery of RNA payloads to tissues beyond the liver, which is insufficiently addressed with current delivery approaches. We look forward to applying OligoPhore for the development of truly innovative RNA therapies and advancing them towards clinical proof of concept. He added, “While we continue to believe that our existing business holds great promise, we recognize investor preferences for highly targeted business strategies. Therefore, we will prepare for its separation through an assignment or transfer to shareholders within the next 12 to 18 months. Through the strategic repositioning and transformation of the Company, we aim to unleash and create significant shareholder value. “
– Thomas Meyer, founder, CEO of Auris Medical
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