Bioblast Pharma Announces Sale of its Trehalose Clinical Development Programs to Seelos Therapeutics
BIO BLAST PHARMA LTD ORDINARY (ORPN)
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Source: GlobeNewswire
Unconditional payment of $3.5 million Contingent payment of up to additional $17 million plus royaltiesSeelos to receive rights also to the Trehalose for Sanfilippo Syndrome Program? Tel Aviv, Israel, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Bioblast Pharma Ltd. ( Nasdaq: ORPN), a clinical-stage, orphan disease-focused biotechnology company, today announced the sale of its Trehalose clinical development programs (including its advanced phase 2 clinical program of Trehalose to treat Oculoharyngeal Muscular Dystrophy (OPMD) to Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company. Under the terms of the agreement, Seelos will pay Bioblast a payment of $3.5 million in two instalments; $1.5 million payable upon closing of the sale and the other $2.0 million will be paid upon the first anniversary of the closing of the sale. Potential additional milestone payments of up to $17.0 million will be made upon completion of the clinical study and approval of a New D
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