Connectyx Technologies Holdings Group, Inc. Announces Definitive Agreement with Mid-Atlantic BioTherapeutics, Inc. for Treatment of Symptomatic Rabies
Connectyx Technologies Holdings Group (OTC: CTYX) has signed a definitive agreement with Mid-Atlantic BioTherapeutics to acquire worldwide rights for IMT504, an immunotherapy aimed at treating symptomatic rabies. IMT504 has received orphan drug designation in the US, providing tax credits and market exclusivity advantages. Rabies, with a near 100% fatality rate in late stages, has no treatment options currently. Connectyx aims to enter clinical trials by Q1 2022, with hopes for rapid FDA approval based on adaptive trial strategies.
- Acquisition of worldwide rights for IMT504 to treat rabies could offer a significant market opportunity.
- IMT504 has orphan drug designation in the US, providing tax credits and market exclusivity.
- Potential for rapid FDA approval through adaptive clinical trial strategies.
- Connectyx is not yet generating revenues.
- The company faces inherent risks and uncertainties, including operational cash flow generation and market acceptance.
Boca Raton, FL, Oct. 09, 2020 (GLOBE NEWSWIRE) -- Connectyx Technologies Holdings Group, Inc. (OTC: CTYX) (“Connectyx” or the “Company”), a development-stage biomedical company focusing on novel treatments for rare diseases, announced today the Company has signed a definitive agreement with Mid-Atlantic BioTherapeutics, Inc. (MABT) to acquire worldwide rights for the development of IMT504, a novel, patented immunotherapy, to treat symptomatic rabies. IMT504 is being developed to treat patients whose disease has progressed beyond the stage where it can be treated by the existing approved rabies vaccines.
IMT504 has been granted orphan drug designation in the US, which provides significant benefits including tax credits, market exclusivity and waiver of certain FDA fees. Rabies is one of only 14 diseases which qualify for the FDA Tropical Disease Priority Review Voucher (PRV) Program that is granted to sponsors of approved tropical disease product applications that meet certain criteria.
Once the sponsor obtains a PRV, the voucher can be used to obtain priority review designation for a subsequent application that does not itself qualify for priority review as described in the guidance. Because Priority Review Vouchers (PRVs) may be sold, a secondary market for the vouchers has emerged, and their value has increased. In 2016–2018, the value of a voucher ranged from
Paul M. Michaels, Connectyx CEO said. “Since 2001, over a million people worldwide have died from rabies. While the number is fortunately small in the U.S., in much of the world it is still a significant problem with no treatment options for patients who have progressed to late-stage rabies disease. Our goal is to be in the clinic by Q1 2022. As a result of the near
MABT CEO David Horn, M.D. commented that “Rabies is a devastating illness with the highest fatality rate of any infectious disease. Our goal at MABT is to provide the first viable treatment option for patients suffering from advanced rabies disease, using our novel IMT504 immunotherapy platform. IMT504 has the potential to change the way numerous infectious diseases are treated by safely and effectively augmenting the host immune response to combat aggressive pathogens.”
About Mid-Atlantic BioTherapeutics, Inc. https://mabt.us/
Mid-Atlantic BioTherapeutics was founded in 2011 with the mission of eradicating infectious diseases. MABT is a clinical-stage pharmaceutical company focused on the clinical development and commercialization of novel anti-infective approaches, such as the patented IMT504 immunotherapy platform that harnesses the body’s own immune response to fight off infections. The company is actively addressing the growing antibiotic resistance problems and creating a revolutionary treatment paradigm for bacterial and viral diseases, emerging infectious diseases and biodefense.
About Connectyx Technologies Holdings Group, Inc. http://connectyx.com/
Connectyx is a development-stage biomedical company focusing on novel treatments for rare diseases. The Company also focuses on therapies with potentially accelerated development paths as a result of the indication, the nature of the therapeutic itself, or the stage of clinical development. The Company is transforming through the acquisition, in-licensing and sub-licensing of new technologies. At Connectyx, we envision a world where all patients have a therapeutic option.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. CTYX has great potential but is not yet generating revenues. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subjected to known, unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited to our ability to maintain our website and associated computer systems, our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with OTC Markets from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contact:
Connectyx Technologies Holdings Group, Inc
investorrelations@connectyx.com
Paul Michaels
561-418-7725
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