Mast Therapeutics Signs Definitive Agreement To Acquire Aires Pharmaceuticals, Inc.
"The acquisition of Aires will enhance our pipeline with a phase 2 asset with more than 120 human subject exposures and which is a strategic complement to our lead program, MST-188. With total consideration of approximately 6% of Mast equity, it represents excellent value for our stockholders," stated
"Nitrite has demonstrable beneficial properties, including vasodilation and the reduction of inflammation and undesirable cell growth. These are important therapeutic objectives and an ideal complement to MST-188 and its ability to improve blood flow and seal cellular membranes. In addition, we intend to investigate the hypothesis that AIR001 positively affects mitochondrial activity and myocyte energetics. With this acquisition, and the initiation of our phase 2 trial of MST-188 for the treatment of acute limb ischemia later this quarter, we are taking additional steps towards building a sustainable company with a valuable pipeline addressing significant unmet needs in both specialized and major markets," Mr. Culley continued.
"Another highlight of this acquisition is its favorable economics. Aires had completed several venture financings, including a
Under the terms of the all-stock transaction, Aires would become a wholly-owned subsidiary of
AIR001 (sodium nitrite) inhalation solution, also known as Aironite®, is an intermittently nebulized formulation of nitrite. Under hypoxic conditions, AIR001 is converted to nitric oxide. Nitrite mediated nitric oxide formation has several beneficial effects, including dilation of blood vessels and reduction of inflammation and undesirable cell growth.
AIR001 has been granted orphan drug status by the
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The Company is enrolling subjects in EPIC, a pivotal phase 3 study of MST-188 in sickle cell disease. In the first quarter of 2014, the Company plans to initiate a phase 2, clinical proof of concept study in acute limb ischemia that will evaluate whether MST-188 improves the effectiveness of existing thrombolytic agents. The Company is also evaluating development options for MST-188 in heart failure. More information can be found on the Company's web site at www.masttherapeutics.com. (Twitter: @MastThera)
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Ioana C. Hone, Mast Therapeutics, firstname.lastname@example.org, 858-552-0866 Ext. 303