Friday, November 30, 2018
Coeptis Pharmaceuticals, Inc., a diversified commercial biopharmaceutical company, today announced that it has entered into a binding agreement to acquire all outstanding shares of Elto Pharma, Inc. Elto Phama is developing eltoprazine, a serotonergic agonist in Phase 2b development for the treatment of Parkinson's disease levodopa-induced dyskinesias (Parkinson's LID). Elto Pharma is a joint venture between Amarantus Bioscience Holdings, Inc. and Psychogenics, Inc.
"Eltoprazine will be a key long-term growth driver for Coeptis given its outstanding profile as a potential therapy across several brain-related conditions," said David Mehalick, President & CEO of Coeptis. "As we focus on the near-term commercialization of our 505(b)2 and generic pipeline, with the launch of our first FDA-approved 505(b)2 product expected in 2019, Coeptis will be strongly positioned to successfully launch its products across multiple disease areas in the years ahead. Eltoprazine has blockbuster potential as a new chemical entity treatment for multiple neurological conditions, beginning with Parkinson's LID."
"After a thorough review of strategic options for Elto Pharma, we believe this transaction with Coeptis represents the best outcome for Amarantus and its various stakeholders," said Gerald E. Commissiong, President & CEO of Amarantus, and interim-CEO of Elto Pharma. "Coeptis has a strong operational team and a robust pipeline of products preparing to be commercialized that we believe will drive shareholder value in the years ahead. We are very excited to become part of the Coeptis organization."