Plasmtech Biopharmaceuticals Inc (NASDAQ:PTBI) is spiking higher by over 60% on news that the Company has agreed to acquire Abeona Therapeutics in common stock and cash.
PlasmaTech Biopharmaceuticals, Inc., a biopharmaceutical company, develops protein biologic therapies and oncology supportive care products. The companys marketed product comprises MuGard the management of oral mucositis; and ProctiGard for the treatment of radiation proctitis, a frequent side effect of radiation treatment to the pelvic region. It also develops CobOral, a mediated oral delivery technology that utilizes the bodys natural vitamin B12 transport system in the gut; and CobaCyte, a mediated targeted delivery technology that has application in in tumor targeting. The company was formerly known as Access Pharmaceuticals, Inc. and changed its name to PlasmaTech Biopharmaceuticals, Inc. in October 2014. PlasmaTech Biopharmaceuticals, Inc. is based in Dallas, Texas. – Yahoo Finance
Yesterday, Activist investor George Soros revealed his 5% passive stake in the company which boosted shares by over 100% in yesterday’s trading.
The Chief Executive Officer, Steven H. Rouhandeh said, “We believe this acquisition represents an exciting cornerstone of our strategy to build a world class cell and gene therapy company focused on rare diseases.”
The Chief Executive Officer of Abeona Therapeutics noted, “We are excited about building the future together, and believe this is just the first of many steps to building a comprehensive product pipeline in the rare disease space. PlasmaTech is currently developing a new generation plasma processing technology which enables and validates orphan proteins requiring periodic treatments.”