Biocure Technology Inc (CSE: CURE), a Canadian biopharmaceutical company, has entered into an agreement to acquire Atriva Therapeutics GmbH, a German company, through a reverse takeover transaction.
As part of the deal, shareholders of Atriva will receive a minimum of 75% of the securities of the resulting company, while the current shareholders of Biocure Technology will hold the remaining portion.
Under the terms of the transaction, Atriva will pay Biocure an exclusivity fee of CAD$15,000 per month for a minimum of three months. Additionally, a finder’s fee of US$2 million will be paid through the issuance of Biocure shares at a price mutually agreed upon by both parties.
Upon completion of the transaction, Biocure will be renamed Atriva Therapeutics Inc and will be assigned a new ticker code on the Canadian Stock Exchange. The reverse takeover is subject to several conditions, including satisfactory due diligence, implementation of a US$15 million private placement, and approval from shareholders.
Atriva is focused on developing host-cell-targeting antiviral and immuno-modulatory therapies for severe diseases caused by RNA viruses. The company’s lead product, zapnometinib, aims to inhibit viral replication and rebalance the body’s immune response. Zapnometinib has undergone two Phase 1 clinical trials to demonstrate safety and tolerability and has received approval for a Phase 2 study to evaluate its efficacy in treating severe COVID-19 patients.
Atriva plans to continue developing zapnometinib for the treatment of severe influenza infections, with the goal of reducing the number of critically ill patients requiring intensive care. The company has received over CAD$57 million in investments from various institutions, including the European Investment Bank, since its inception.
