Avenue Therapeutics Completes the Acquisition of Baergic Bio and its Selective GABA-A α2/3 Receptor Positive Allosteric Modulator for the Treatment of Central Nervous System Disorders
November 08 2022 - 8:30AM
Avenue Therapeutics, Inc. (Nasdaq: ATXI) (“Avenue” or the
“Company”), a specialty pharmaceutical company focused on the
development and commercialization of therapies for the treatment of
central nervous system (“CNS”) diseases, today announced the
closing of the acquisition of Baergic Bio, Inc. (“Baergic Bio”)
pursuant to the previously disclosed Share Contribution Agreement
with its parent company, Fortress Biotech, Inc.
Founded in December 2019, Baergic Bio, now a
subsidiary of Avenue, is a clinical-stage pharmaceutical company
that focuses on the development of a pharmaceutical product for the
treatment of CNS disorders. Its pipeline currently includes a
single compound, BAER-101, an oral small molecule selective GABA-A
α2/3 receptor positive allosteric modulator, which was in-licensed
from AstraZeneca Plc.
The potential therapeutic value of selective
modulators of GABA-A receptors has recently been recognized, with
multiple assets moving forward since the 2019 U.S. Food and Drug
Administration approval of brexanolone. These compounds are being
developed for a host of therapeutic indications including epilepsy,
anxiety, pain, depression and other related conditions. Preclinical
data have substantiated the efficacy of BAER-101 as a novel
anxiolytic and antiepileptic.
Benzodiazepines interact non-selectively with
GABA-A receptor (GABA-AR) subunits, especially the α1 subunit. By
selectively targeting the α2/3 subunits of the GABA-A receptor,
BAER-101 may spare the adverse effects associated with
benzodiazepine use. Consistent with its selectivity over
α1-preferring GABA-ARs, BAER-101 may have a reduced propensity to
produce sedation and memory impairment. To date, clinical
experience in over 700 patients has shown that BAER-101 is safe and
side effects were mild to moderate.
Alexandra MacLean, M.D., Chief Executive Officer
of Avenue, said, “The acquisition of Baergic Bio is a step forward
in our plan to build Avenue into a leader in the development of
drugs targeting unmet needs in the CNS field. BAER-101 has the
potential to address various orphan indications as well as larger
markets with a favorable profile relative to current therapeutic
options. Combined with our recent capital raise and potential
regulatory path forward for IV tramadol, we believe Avenue has the
foundational portfolio to continue to deliver and expand meaningful
therapies for patients with CNS diseases.”
About Avenue TherapeuticsAvenue
Therapeutics, Inc. (Nasdaq: ATXI) is a specialty pharmaceutical
company focused on the development and commercialization of
therapies for the treatment of central nervous system diseases.
Avenue is headquartered in New York City and was founded by
Fortress Biotech, Inc. (Nasdaq: FBIO). For more information, visit
www.avenuetx.com.
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successfully integrate Baergic Bio in the Company’s operations; and
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Contact: Jaclyn Jaffe Avenue
Therapeutics, Inc. (781) 652-4500ir@avenuetx.com
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