Altamira Therapeutics announced that a private investor has acquired a 51% stake in Altamira Medica, a subsidiary of Altamira that owns Bentrio bentonite nasal spray, which is sold over the counter for the treatment of allergic rhinitis. According to Altamira, the deal includes more than CHF 2 million (~$2.3 million) in cash, and the company will get 25% of future licensing income from Medica.
Bentrio received 510(k) clearance in the US in June 2022, and the nasal spray is sold in several European countries. Nuance Pharma has acquired the rights to market Bentrio in a number of Asian markets, including China, Hong Kong, and Macau; and earlier this year, Pharma Nordic acquired the rights to market Bentrio in Norway.
In addition to Bentrio, Altamira’s list of “legacy” products that the company has been looking to divest includes AM-125 betahistine nasal spray for the treatment of vertigo. The company recently received an additional European patent covering AM-125.
Altamira Therapeutics Chairman and CEO Thomas Meyer commented, “This marks an important first step in our strategic repositioning of the company. We are looking forward to developing the Bentrio franchise together with the new co-owner of Medica. We expect major growth from 2024 onwards from existing distribution agreements as well as from the expansion into key markets in North America, Europe and other world regions. In parallel, we have been working on the partnering of our AM-125 for the treatment of acute vestibular syndrome as well as other inner ear assets. We anticipate completing our repositioning process in 2024 into a focused RNA delivery company, leveraging our expertise to drive innovation and advance cutting-edge solutions.”
Read the Altamira Therapeutics press release.
