Liminal BioSciences Announces Closing of Sale of Priority Review Voucher

Rhea-AI Summary

Liminal BioSciences Inc. (NASDAQ: LMNL) has completed the sale of its Priority Review Voucher (PRV) for USD 105 million through its subsidiary, Prometic Biotherapeutics Inc. (PBT). Liminal will receive 70% of the net proceeds from this transaction. The company plans to utilize these funds to advance its small molecule pipeline, with an update on R&D strategy expected following the ongoing fezagepras Phase 1 clinical trial. Liminal continues to focus on developing treatments for fibrotic diseases, with ongoing trials in the UK.

Positive

• Completed sale of Priority Review Voucher for USD 105 million.
• 70% of proceeds will benefit Liminal BioSciences.
• Funds will support development of small molecule pipeline.

Negative

• None.

LAVAL, QC and CAMBRIDGE, England, Sept. 28, 2021 /PRNewswire/ - Liminal BioSciences Inc. (NASDAQ: LMNL) ("Liminal BioSciences" or the "Company"), announced today that its subsidiary Prometic Biotherapeutics Inc. ("PBT") has closed on the sale of its Priority Review Voucher ("PRV") for USD 105 million.

Under the terms of the previously announced Share Purchase Agreement entered into with Kedrion S.p.A. ("Kedrion"), the consideration to be received by Liminal for the PRV sale is seventy percent (70%) of the net proceeds which is payable to Liminal by its subsidiary PBT.

The company anticipates using the proceeds to be received by Liminal to advance the continued development of our small molecule pipeline, and we plan to update the market regarding our small molecules R&D strategy in the coming months following the review of the complete data from the ongoing fezagepras phase 1 multi-ascending dose clinical trial.

About Liminal BioSciences Inc.

Liminal BioSciences is a biopharmaceutical company focused on the discovery and development of novel, small molecule drug candidates for the treatment of patients suffering from respiratory fibrotic diseases and other fibrotic or inflammatory diseases that have a high unmet medical need.  The Company's lead small molecule product candidate, fezagepras (PBI-4050), is in a Phase 1 clinical trial in in the United Kingdom to evaluate multiple-ascending doses in normal healthy volunteers, at daily dose exposures higher than those evaluated in our previously completed Phase 2 clinical trials. The Company expects that a full analysis of the complete PK data set from the phase 1 multi-ascending dose clinical trial will help determine the choice of other potential indications for further development of fezagepras. In addition, the Company is also currently developing a selective GPR84 antagonist candidate and an oral, selective OXER1 antagonist candidate. Our GPR84 and OXER1 antagonist programs are currently at the pre-clinical stage.

Liminal BioSciences has active business operations in Canada and the United Kingdom.

Forward-Looking Statement

This press release contains forward-looking statements about Liminal BioSciences' objectives, strategies and businesses that involve risks and uncertainties. Forward–looking information includes statements concerning, among other things, statements with respect to the form, timing, ability to consummate or successful outcome of any strategic transactions pertaining to the Company's non-core assets, including the ongoing divestment of our Ryplazim^® (Plasminogen) related business or assets; the utilization of proceeds from any such transaction; the potential of our product candidates and development of R&D programs and the timing of initiation or nature of pre-clinical and clinical trials.

These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Among the factors that could cause actual results to differ materially from those described or projected herein include, but are not limited to, risks associated with: the closing of the share purchase agreement for the plasma-derived therapeutics' business; the Company's ability to develop, manufacture, and successfully commercialize product candidates, if ever; the impact of the COVID-19 pandemic on the Company's business operations, clinical development, regulatory activities and financial and other corporate impacts; the availability of funds and resources to pursue R&D projects, manufacturing operations or commercialization activities; the successful and timely initiation or completion of clinical trials; the ability of Liminal BioSciences to take advantage of financing opportunities or business opportunities in the pharmaceutical industry; uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals; and general changes in economic conditions. You will find a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to materially differ from our current expectations in the filings and reports the Company makes with the U.S. Securities and Exchange Commission and Canadian Securities Commissions, including in the Annual Report on Form 20-F for the year ended December 31, 2020 and future filings and reports by the Company, from time to time. Such risks may be amplified by the ongoing COVID-19 pandemic and any related impacts on Liminal BioSciences' business and the global economy. As a result, we cannot guarantee that any given forward-looking statement will materialize. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof.  We assume no obligation to update any forward-looking statement contained in this press release even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations.

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SOURCE Liminal BioSciences Inc.

FAQ

What was Liminal BioSciences' recent announcement regarding LMNL?

Liminal BioSciences announced the completion of the sale of its Priority Review Voucher for USD 105 million.

How much will Liminal BioSciences receive from the sale of the PRV?

Liminal BioSciences will receive 70% of the net proceeds from the PRV sale.

What plans does Liminal BioSciences have for the proceeds from the PRV sale?

The proceeds will be used to advance the development of their small molecule pipeline.

When will Liminal BioSciences update investors on their R&D strategy?

Liminal plans to update the market on R&D strategy following the review of data from the ongoing fezagepras phase 1 clinical trial.

What is the focus of Liminal BioSciences' research?

Liminal BioSciences focuses on developing treatments for respiratory fibrotic diseases and other fibrotic or inflammatory diseases.