Amarantus Provides Update on
Capital Restructuring and
Announces
Participation in RESI JPM
2018
Convertible
securities holders grant 45-day extension to complete
Tender Exchange
Elto Pharma
recruiting seasoned management to
lead "Go-Public" transaction
Management
attending RESI JPM 2018 on Tuesday, January 9,
2018
SAN FRANCISCO,
California -- January 9, 2018 --
InvestorsHub NewsWire -- Amarantus Bioscience Holdings,Inc.(USOTCPK:
AMBS), a
US-based biotechnology holding company with wholly-owned
subsidiaries developing first-in-class orphan neurologic,
regenerative medicine and ophthalmic therapies, today announced
that a controlling majority of its secured creditors and
convertible preferred securities holders have agreed to a 45-day
extension to
complete the Tender Exchange of convertible securities under
the
Forbearance
and Capital Restructuring Agreements initially disclosed by the
Company on November 17, 2017. Under the terms of the
extension, Amarantus now has
until February
24th, 2018 to complete the Tender
Exchange.
The
moratorium on conversions of securities into common
stock remains in place until that
date.
Based upon
discussions Amarantus' management and board have
engaged in since the initial public disclosure of
the
pending Tender
Exchange, Amarantus believes that its wholly-owned
subsidiary Elto Pharma, Inc. is well positioned to source
independent financing to complete the proposed Phase 2b clinical
study of Eltoprazine for the treatment of Parkinson's disease
levodopa-induced dyskinesia (PD-LID). Given the
valuations attributed to initial public offerings
(IPOs) for companies with assets comparable
to Elto Pharma, the Company has initiated the
recruiting process for new management to lead the Elto Pharma
subsidiary through a Go-Public transaction
to
raise sufficient
capital to complete the next phase of clinical development for
Eltoprazine in PD-LID. Eltoprazine has successfully
completed initial Phase 2 studies in PD-LID, Agitation
in Alzheimer's disease, and Adult
ADHD. The Company and each of its
subsidiaries are now eligible to use funding
mechanisms created under the JOBS Act to achieve their
strategic
funding
objectives.
The
successful sourcing of independent funding for Elto Pharma will
provide a framework for the sourcing of independent financing for
Amarantus' other wholly-owned subsidiaries Cutanogen
Corporation and MANF Therapeutics, Inc. As a
result, the Company is also beginning the
recruitment
process for management teams for
each of these
subsidiaries. The independent sourcing of capital for each of
Amarantus' subsidiaries will dramatically reduce
the
Company's need for ongoing
funding,
thereby limiting further dilution at the parent-company
level.
Amarantus
will be
participating in Redefining Early
Stage Investments (RESI) JPM2018 on Tuesday January 9, 2018 at the
Marines' Memorial
Club & Hotel in San Francisco,
CA.
About
Elto Pharma, Inc.
In April 2017,
Amarantus incorporated the wholly-owned subsidiary Elto Pharma,
Inc. to focus on the clinical development of
Eltoprazine. Eltoprazine is a small molecule
5HT1A/1B partial agonist in clinical development
for the treatment of Parkinson's disease levodopa-induced
dyskinesia (PD-LID), Alzheimer's aggression
and adult
attention deficit hyperactivity disorder (adult ADHD). Eltoprazine has been
evaluated in over 680 human subjects to date, and has a
well-established safety profile, with statistically
significant efficacy results across multiple central nervous system
indications.
Eltoprazine was
originally developed by Abbott Pharmaceuticals in aggression-related
indications. The eltoprazine program was
out-licensed to PsychoGenics, Inc. (PGI). PGI licensed eltoprazine to
Amarantus in
2014 after a successful proof-of-concept
trial in
PD-LID.
About Cutanogen Corporation
In July 2015,
Amarantus' acquired Lonza Walkersville's wholly-owned subsidiary
Cutanogen
Corporation, the
sole licensor of intellectual property rights to ESS from
Cincinnati's Shriner's Hospital for Children and the University of
Cincinnati. Cutanogen Corporation is a wholly-owned subsidiary of
Amarantus.
Engineered Skin
Substitute (ESS) is a tissue-engineered skin prepared from
autologous (patient's own) skin cells. It is a combination of
cultured epithelium and a collagen-dermal fibroblast implant that
produces a skin substitute which contains both epidermal and dermal
components. This model has been shown in preclinical studies to
generate a functional skin barrier. Most importantly, because ESS
is composed of a patient's own cells, it is less likely to be
rejected by the immune system of the patient, unlike with porcine
or cadaver grafts in which immune system rejection is a
possibility. A non-GMP version ESS has been used in
investigator-initiated and compassionate-use clinical settings in
over 150 human subjects, primarily pediatric patients, for the
treatment of severe burns up to 95% of total body surface area. The
non-GMP version has also been used in the treatment of two patients
with Giant Congenital Melanocytic Nevi (GCMN).
About MANF
Therapeutics, Inc.
In April 2017, Amarantus
incorporated the wholly-owned subsidiary MANF Therapeutics, Inc. to
focus on the preclinical and clinical development of MANF.
MANF
(mesencephalic-astrocyte-derived neurotrophic factor) is believed
to have broad potential because it is a naturally-occurring protein
produced by the body to reduce/prevent
apoptosis (cell
death) in response to injury or disease, via the unfolded protein
response. By administering exogenously produced
MANF the
body, Amarantus is seeking to use a regenerative medicine approach
to assist the body with higher quantities of MANF when needed.
Amarantus is the front-runner and primary holder of intellectual
property around MANF, and is initially focusing on the development
of MANF-based protein therapeutics.
MANF's lead
indications are retinitis pigmentosa
and Glaucoma.
Additional
indications including Parkinson's disease, diabetes and Wolfram's
syndrome are envisioned. Further applications for MANF
may include Alzheimer's disease, traumatic brain injury, myocardial
infarction, antibiotic-induced ototoxicity and certain
other orphan
diseases.
About
Amarantus Bioscience Holdings,
Inc.
Amarantus
Bioscience
Holdings (AMBS) is a biotechnology company developing treatments
and diagnostics for diseases in the areas of neurology,
regenerative medicine and orphan diseases through its
subsidiaries. AMBS' wholly-owned
subsidiary Elto Pharma, Inc. has development rights to
eltoprazine, a Phase 2b-ready small molecule indicated for
Parkinson's disease levodopa-induced dyskinesia,
Alzheimer's
aggression and adult ADHD. AMBS acquired the rights to the
Engineered Skin Substitute program (ESS), a regenerative
medicine-based approach for treating severe burns with
full-thickness autologous skin grown in tissue culture
that is being
pursued by AMBS' wholly-owned subsidiary Cutanogen
Corporation.
AMBS' wholly-owned subsidiary MANF Therapeutics, Inc. owns
key intellectual property
rights and
licenses from a number of prominent universities related to the
development of the therapeutic protein known as
mesencephalic astrocyte-derived neurotrophic factor
(MANF). MANF Therapeutics, Inc. is developing MANF-based
products as treatments for brain and ophthalmic
disorders.
MANF was discovered by the Company's Chief Scientific Officer John
Commissiong, PhD. Dr. Commissiong
discovered MANF from AMBS' proprietary discovery engine
PhenoGuard. AMBS also owns approximately
80 million shares
of Avant Diagnostics, Inc. via the sale of its wholly-owned
subsidiary Amarantus Diagnostics, Inc. that occurred in May
2016.
For further information
please visit www.Amarantus.com, or connect with the
Amarantus on Facebook, LinkedIn, Twitter and Google+.
Forward-Looking
Statements
Certain statements, other than
purely historical information, including estimates, projections,
statements relating to our business plans, objectives, and expected
operating results, and the assumptions upon which those statements
are based, are forward-looking statements. These forward-looking
statements generally are identified by the words "believes,"
"project," "expects," "anticipates," "estimates," "intends,"
"strategy," "plan," "may," "will," "would," "will be," "will
continue," "will likely result," and similar expressions.
Forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties which may
cause actual results to differ materially from the forward-looking
statements. Our ability to predict results or the actual effect of
future plans or strategies is inherently uncertain. Factors which
could have a material adverse effect on our operations and future
prospects on a consolidated basis include, but are not limited to:
changes in economic conditions, legislative/regulatory changes,
availability of capital, interest rates, competition, and generally
accepted accounting principles. These risks and uncertainties
should also be considered in evaluating forward-looking statements
and undue reliance should not be placed on such
statements.
Amarantus
Investor and Media Contact:
Ascendant Partners,
LLC
Richard Galterio
+1-732-410-9810
rich@ascendantpartnersllc.com
Source: Amarantus
Bioscience Holdings, Inc.
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From Sep 2023 to Sep 2024