Pure Biologics has established a special purpose vehicle focused on the accelerated development and commercialization of the key aptamer project in its portfolio – PB103, implemented in cooperation with the established on the biomedical market Dutch company Relitech BV. The project aims to develop a medical device for patients with Chronic Kidney Disease (CKD).
At the same time, the company established cooperation with a renowned transaction advisor, Clairfield Partners.
We decide to spin off one of our most promising projects into a special purpose vehicle, joining forces with an experienced international business advisor. We hope that this will enable faster commercialization, opening paths that are not available to Pure Biologics due to, among others, formal and legal restrictions. We have chosen a professional advisory partner with direct access to the market where purchase/sale transactions of this type of assets take place and many years of experience in conducting similar processes, also on the Polish market – comments Romuald Harwas, Vice-President of the Management Board of the Company.
At the same time, thanks to this decision, we will be able to focus even more on our key therapeutic projects within the parent company, i.e. PB003 and PB004 – adds Dr. Filip Jeleń, co-founder, significant shareholder and President of the Management Board of Pure Biologics.
The PB103 project is developing a novel medical device for use in aptamer-based, targeted renal dialysis for patients suffering from chronic kidney disease. The proposed solution is aimed at increasing the effectiveness of dialysis in terms of clinical parameters, that are not significantly improved during standard dialysis, and thus prolonging survival and improving the quality of life of patients.
CKD is a condition that affects up to 75 million patients worldwide, with an average survival time of approximately five years from the start of dialysis. This represents a significant unmet medical need, and the vast target market estimated at approximately USD 100 billion. Considering the recognized potential of the PB103 project, concerning the development of a medical device in the indication of chronic chronic kidney disease, implemented in cooperation with the Dutch company Relitech BV, we want to find a strategic and financial partner as soon as possible to commercialize the project – explains Dr. Jeleń.
Pure Biologics also decided to engage an experienced business partner, Clairfield Partners LLC based in New York (Clairfield International, www.clairfield.com) as transaction advisor. Clairfield successfully completes more than 130 deals each year on both the sell and buy sides, with over €20 billion in total deal value over the past five years. The scope of the agreement with Clairfield includes, among others, identifying and acquiring potential strategic partners for Doto Medical, interested in co-developing and then taking over the solution developed under the PB103 project for remuneration, by presenting potential strategic partners to the Company, assistance in negotiations and closing the transaction with the selected partner.