Vistagen, which is developing two pherine-based nasal sprays licensed from Pherin Pharmaceuticals (PH10 and PH94B), announced that it has reached an agreement to acquire Pherin and its entire pipeline. According to Vistagen, the deal includes ~12.4 million shares of the company’s common stock as well as “a nominal amount of cash.”
PH10 was recently granted Fast Track designation from the FDA, and a Phase 1 trial of a new formulation of the nasal spray is expected to begin in early 2023. PH94B is in Phase 3 development for social anxiety disorder (SAD) and in Phase 2 development for adjustment disorder with anxiety. The other Pherin pipeline products cited by Vistagen are all nasal sprays: PH15 for cognitive improvement; PH80-HF for hot flashes; PH80-M for migraine headaches; and PH284 for eating disorders.
Vistagen CEO Shawn Singh commented, “Our confidence in the potential role of pherine compounds in fundamentally shifting the treatment paradigm for individuals living with anxiety, depression and several other disorders with unmet need has never been stronger. This transaction not only allows Vistagen to secure unencumbered global rights to a multi-asset pherine product pipeline and all future value from ownership of the pipeline, but it also establishes Vistagen as the market leader in the development and commercialization of this innovative class of small molecule drug candidates across a wide range of therapeutic areas.”
Pherin President and CEO Kevin McCarthy said, “Vistagen is distinctively positioned to progress the pherine portfolio to reach its full potential and help millions of individuals. Since 2018, we have observed the experienced Vistagen team working diligently to advance all aspects of development for PH94B and PH10. This transaction supports our mutual objective to provide innovative medicines to millions of people suffering from conditions that require better treatment options and represents an important milestone providing potential for significant value creation for patients and our stockholders.”
Read the Vistagen press release.
