Vistagen Announces Closing of Pherin Pharmaceuticals Acquisition
February 02 2023 - 9:00AM
Business Wire
Acquisition eliminates all future royalty payment obligations
for PH94B and PH10 and expands Vistagen's pipeline
Vistagen (Nasdaq: VTGN), a late clinical-stage biopharmaceutical
company aiming to transform the treatment landscape for individuals
living with anxiety, depression, and other central nervous system
(CNS) disorders, today announced the closing of its acquisition of
Pherin Pharmaceuticals, Inc., a privately held drug development
company focused on neuropsychiatric and neuroendocrine conditions
(Pherin). Vistagen now owns all intellectual property rights to its
two most advanced drug candidates, PH94B, currently in Phase 3
development for social anxiety disorder (SAD) and Phase 2
development for adjustment disorder with anxiety (AjDA), and PH10,
in clinical development for major depressive disorder (MDD), as
well as three additional drug candidates in earlier stages of
development: PH15 for cognition improvement; PH80 for migraine and
hot flashes; and PH284 for appetite-related disorders. Vistagen’s
acquisition of Pherin eliminates all future royalty payment
obligations related to its five pherine nasal spray drug
candidates.
“This acquisition is another important step in our plan to
develop and commercialize PH94B and PH10 as innovative treatments
for millions of individuals struggling with anxiety and depression
disorders,” stated Shawn Singh, Chief Executive Officer of
Vistagen. “By acquiring Pherin, we are eliminating all potential
royalty payment obligations related to PH94B and PH10, as well as
the three additional earlier stage pherines acquired in the
transaction. This acquisition significantly improves the potential
future commercial profile of each drug candidate.”
Additional details regarding the closing of Vistagen’
acquisition of Pherin can be found in the Company’s Current Report
on Form 8-K, filed with the U.S. Securities and Exchange Commission
today and available in the Investors section of Vistagen’s
website.
About Vistagen
Vistagen (Nasdaq: VTGN) is a late clinical-stage
biopharmaceutical company aiming to transform the treatment
landscape for individuals living with anxiety, depression and other
CNS disorders. The Company is advancing therapeutics with the
potential to be faster-acting, and with fewer side effects and
safety concerns, than those that are currently available for
treatment of anxiety and depression. Vistagen’s product candidates
belong to a new class of drugs known as pherines, which are
designed with a novel rapid-onset mechanism of action that
activates chemosensory neurons in the nasal passages and can impact
key neural circuits without systemic uptake or direct activity on
CNS neurons in the brain. Vistagen is passionate about transforming
mental health care and redefining what is possible in the treatment
of anxiety and depression. Connect at www.Vistagen.com.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. These
forward-looking statements involve known and unknown risks that are
difficult to predict and include all matters that are not
historical facts. In some cases, you can identify forward-looking
statements by the use of words such as “may,” “could,” “expect,”
“project,” “outlook,” “strategy,” “intend,” “plan,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“strive,” “goal,” “continue,” “likely,” “will,” “would” and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by Vistagen and its management,
are inherently uncertain. As with all pharmaceutical products,
there are substantial risks and uncertainties in the process of
development and commercialization and actual results or
developments may differ materially from those projected or implied
in these forward-looking statements. Among other things, there can
be no guarantee that: any of the Company’s drug candidates,
including PH94B, PH10 or any other pherine drug candidate will
successfully complete ongoing or future clinical trials, receive
regulatory approval or be commercially successful; Vistagen’s
ability to realize the anticipated benefits of the acquisition of
Pherin, including the possibility that the expected benefits will
not be realized or will not be realized within the expected time
period; or unknown liabilities that may or may not be within
Vistagen’s control. Certain of these risks are more fully discussed
in the section entitled "Risk Factors" in the Company’s most recent
Annual Report on Form 10-K for the fiscal year ended March 31, 2022
and in the Company’s most recent Quarterly Report on Form 10-Q for
the quarter ended September 30, 2022, as well as discussions of
potential risks, uncertainties, and other important factors in our
other filings with the U.S. Securities and Exchange Commission
(SEC). The Company’s SEC filings are available on the SEC’s website
at www.sec.gov. You should not place undue reliance on these
forward-looking statements, which apply only as of the date of this
press release and should not be relied upon as representing the
Company’s views as of any subsequent date. The Company explicitly
disclaims any obligation to update any forward-looking statements,
other than as may be required by law. If the Company does update
one or more forward-looking statements, no inference should be made
that the Company will make additional updates with respect to those
or other forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230202005405/en/
Investors Mark Flather Vice President, Investor Relations (650)
577-3617 mflather@vistagen.com
Media Nate Hitchings SKDK nhitchings@skdknick.com
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