Infusyn Therapeutics will manufacture and
supply the Prometra II pump currently serving the Pain and
Spasticity markets
Secures long term supply agreement for the
Prometra II pump used to deliver Pulmoprost, while increasing
shareholder value
Deal significantly reduces the operating
expenses of Algorithm Sciences and concentrates the parent
company's efforts towards pursuit of an IND for Pulmoprost
NEW
YORK, June 27, 2024 /PRNewswire/ --Lucius
Partners, LLC today announced that its portfolio company, Algorithm
Sciences, Inc. (Algorithm), has closed on the creation of a
majority owned subsidiary, Infusyn Therapeutics.
Infusyn Therapeutics will manufacture and supply the Prometra II
infusion pump, currently approved in chronic pain and spasticity
markets. With renewed focus on building inventory and
streamlining sales efforts, leadership anticipates this business to
be cashflow positive within an 18-month timeframe. Infusyn
Therapeutics will also seek to partner with companies developing
programs similar to Pulmoprost, i.e., proprietary drug/device
combinations, in other indications. The Company is also free
to seek an expansion of approvals for the Prometra II infusion pump
in ex-US jurisdictions.
"This deal also marks the achievement of an ironclad supply
agreement for the Prometra II pump. This ensures Algorithm's
ongoing access to a key component of Pulmoprost, the company's lead
candidate for the treatment of Pulmonary Arterial Hypertension
(PAH)," said CEO of Algorithm Sciences, Mike Tilton.
Going forward, Algorithm will remain focused on development of
Pulmoprost in PAH, now significantly less encumbered by operating
expenses. Opening an IND would allow Algorithm to begin its
single registrational trial, in accordance with the FDA's Special
Protocol Assessment with the company.
James Ahern, Managing Partner at
Laidlaw & Company (UK) and Founder of Lucius Partners added,
"Led by Mike Tilton, the Algorithm
team's ability to execute this strategic transaction and secure
financing is a testament to their capabilities as dynamic
operators. In a world today where it is imperative in
healthcare to evolve into a later stage de-risked opportunity to
obtain capital, the execution of this transaction marches down that
path. Algorithm can count on our continued support as a
Lucius Partners portfolio company, we are looking forward to what
the future holds."
Contact:
David
Cavalier, COO/CFO
Algorithm Sciences, Inc.
david@algo-sci.com
Matthew Duffy
Managing Partner
Lucius Partners, LLC
mduffy@luciuspartnersllc.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lucius-partners-portfolio-company-algorithm-sciences-inc-closes-on-the-creation-of-a-majority-owned-subsidiary--infusyn-therapeutics-302184688.html
SOURCE Lucius Partners, LLC