Plasmatech Biopharmaceuticals Inc (NASDAQ:PTBI), a biopharmaceutical company focused on gene therapy and cell therapy products for severe and life-threatening rare diseases announced that it had closed its previously announced acquisition of Abeona Therapeutics, a company engaged in the development and commercialization of therapies for patients with lysosomal storage diseases. The Company will issue to Abeona Therapeutic members a total of 3,979,761 common shares, and up to an additional $9 million in performance milestones, in common stock or cash, at the Company’s option. Additionally, Tim Miller, Ph.D. is appointed President & CEO of PlasmaTech Biopharmaceuticals and joins the Company’s Board of Directors.
“We are excited about closing this transaction, and plan to further build our gene and cell therapy pipeline with additional rare disease programs that will be synergistic with our current programs,” stated Steven H. Rouhandeh, PlasmaTech’s Executive Chairman. “With the closing of this acquisition and recent financings, the Company has added over $20 million to the balance sheet since the end of the first quarter. We welcome Tim Miller, his team and his scientific partners, and look forward to building the portfolio and Company together.”
“This is a very important step in the development of a comprehensive product pipeline in the rare disease space,” said Tim Miller, Ph.D., PlasmaTech’s President & CEO. “I want to again thank all of Abeona’s stakeholders, especially the supporting foundations, patient advocates, and the expanded scientific teams, for the past support and their continued voice in accelerating the Sanfilippo programs.” Abeona stakeholders and supporting foundations include U.S.-based Cure Sanfilippo Foundation, Sanfilippo Research Foundation, Team Sanfilippo, the Abby Grace Foundation, the National MPS Society, The Children’s Medical Research Foundation, Inc., and the Ryan Foundation. Strong overseas support comes from the international Sanfilippo community, with investments from Spain-based Stop Sanfilippo and Sanfilippo B Foundation, Geneva, Switzerland-based Fondation Sanfilippo, Australian-based Sanfilippo Children’s Foundation and Mexico-based Red Sanfilippo Foundation. Support for our programs has also been provided by the Canadian led Sanfilippo Children’s Research Foundation (SCRF). (Original Source)
Shares of Plasmatech Biopharmaceuticals opened today at $8.45 and are currently trading up at $8.58. PTBI has a 1-year high of $8.69 and a 1-year low of $2.88. The stock’s 50-day moving average is $4.52 and its 200-day moving average is $4.70.
On the ratings front, H.C. Wainwright analyst Andrew Fein initiated coverage with a Buy rating on PTBI and a price target of $15, in a report released today. The current price target represents a potential upside of 74.8% from where the stock is currently trading.
According to TipRanks.com, Fein has a total average return of 21.0%, a 60.7% success rate, and is ranked #211 out of 3604 analysts.