Cyclotherapeutics announced the completion of its acquisition of Applied Molecular Transport this week. The newly merged entity will concentrate on advancing a Phase 3 study evaluating Trappsol Cyclo for Niemann-Pick Disease Type C1.
Applied Molecular Transport utilizes technology platforms and biologic manufacturing to develop products for patients across various therapeutic areas.
"The completion of this merger with Applied Molecular Transport represents a significant milestone and bolsters our confidence and excitement for the future of Cyclo Therapeutics. With the merger now closed and following our recent positive Type C meeting with the FDA, fundamentally the Company has never been stronger. Moving forward, we are focused on completing our Phase 3 study and executing on the regulatory submission process, assuming a successful outcome in our pivotal study. We remain dedicated to providing a much-needed treatment option for NPC patients," said N. Scott Fine, CEO of Cyclo Therapeutics, in a news release dated Dec. 27 announcing the merger's completion.
The terms of the merger stipulate that AMT stockholders will receive 0.1331 shares of Cyclo Therapeutics for each AMT share they hold. It is anticipated that Cyclo Therapeutics will issue 5,822,720 shares of company stock to AMT shareholders in an all-stock deal. The management team from Cyclo Therapeutics will lead the combined company, as stated in the press release announcing the merger.
Niemann Pick Disease Type C (NPC) is a progressive disorder characterized by the body's inability to transport cholesterol and lipids inside cells, leading to their accumulation within the body. This information comes from the National Organization for Rare Disorders (NORD). The disease can manifest at any age - infancy, toddlerhood, adolescence or adulthood - and is caused by mutations in either the NPC1 or NPC2 gene.
According to NORD, symptoms of NPC can impact organs as well as neurological and psychiatric functions. The disorder's manifestation is highly variable. For unborn babies, it may present as fluid accumulation in the fetal abdomen; in early infancy, an abnormally large liver or spleen may be the only noticeable symptom. Other symptoms include lack of muscle tone by age 1 or 2, inability to look up or down, abnormal blinking or movements, and potential hearing loss.