Australian antiviral drug development company Island Pharmaceuticals (ASX:ILA) executes binding Letter of Intent for proposed acquisition of Galidesivir.
💊 Conversion to binding status secures Island an exclusive 12-month option to take up rights to the molecule
🧬 Galidesivir has shown antiviral activity against a wide range of RNA viruses for which there are currently unmet medical needs, including Ebola, Zika and Marburg viruses
⚕️The molecule has successfully completed two randomised, placebo controlled Phase 1 human safety and tolerability trials; and numerous animal efficacy studies; where galidesivir was shown to be effective, safe and well tolerated
“We’re excited to be one step closer to bringing this promising asset into our portfolio. Our next steps will focus on expeditiously finalising our due diligence program on the molecule. We are very pleased to convert the non-binding term sheet into a binding agreement.” – Island’s CEO and Managing Director, Dr David Foster
Read the ASX announcement ⚡ https://www.islandpharmaceuticals.com/site/pdf/fd03d097-ada1-4d7d-bfa2-e53fcfbf1211/Binding-LOI-for-proposed-acquisition-of-Galidesivir.pdf