Full Press Release Details
BioVie Announces Amended Terms
for Asset Acquisition from Privately Held NeurMedix
SANTA MONICA, Calif., May 10, 2021
(GLOBE NEWSWIRE) -- BioVie Inc. (NASDAQ: BIVI) ("BioVie" or "Company"), a clinical-stage company developing innovative drug therapies
for chronic debilitating liver diseases, today announced amendments to certain terms for the previously announced acquisition of
the biopharmaceutical assets of NeurMedix, Inc., (NeurMedix), a San Diego based privately held clinical-stage pharmaceutical company
focused on novel therapeutic assets for the treatment of neurodegenerative and neurological disorders, as well as certain cancers.
The pivotal Phase 3 Alzheimer's study is expected to begin this summer.
the amended terms of the agreement, the upfront consideration BioVie will pay to NeurMedix remains unchanged. Payment of additional
stock consideration as various significant clinical, regulatory, and commercial milestones are met has been amended to be made
in fixed share amounts as follows:
Before the amendment, BioVie was obligated
to issue up to $3.0 billion of BioVie shares upon the achievement of the significant milestones. After the amendment, the contingent
stock consideration has been capped at 18 million shares.
The transaction is expected to close
Moelis & Company LLC is acting
as exclusive financial advisor to BioVie. Hogan Lovells is serving as legal counsel to BioVie, and Greenberg Traurig is serving
as legal counsel to NeurMedix. The Weinstein Group advised BioVie in the scientific diligence of the NeurMedix assets and clinical
is a clinical-stage biopharmaceutical company that engages in developing products for the treatment of neurological and neuro-degenerative
disorders and certain cancers. The company's new drug candidate has successfully completed 11 pre-clinical, and 6 Phase
1, Phase 1/2, and Phase 2 clinical studies in various inflammatory diseases indicating its broad effect in inhibiting inflammatory
cascade without evidence of immunosuppression. In addition to Alzheimer's Disease, NeurMedix plans to enter clinical trials
for the treatment of Parkinson's Disease and several oncological indications. The company's focus is on diseases with
significant unmet medical needs and commercial potential in order to expedite FDA review, minimize capital requirements and optimize
Liver Cirrhosis Program
BioVie Inc. is developing BIV201
(continuous infusion terlipressin) an Orphan drug candidate for the treatment of ascites due to advanced liver cirrhosis. First-to-market
Orphan therapies typically receive 7 years of market exclusivity in the US for the designated use. The initial disease target for
BIV201 therapy is ascites, which is a serious complication of advanced liver cirrhosis, and future development opportunities include
hepatorenal syndrome (HRS) and other life-threatening complications. The Company recently initiated patient screening in its second
US Phase 2 clinical trial, and upon completion will commence a pivotal Phase 3 trial shortly thereafter. The trial design is summarized
trial identifier NCT04112199. The FDA has never approved any drug specifically for treating ascites, and the Company is not aware
of any competing drugs in late-stage development for ascites. The active agent in BIV201, terlipressin, is approved for use in
about 40 countries for the treatment of related complications of advanced liver cirrhosis but is not available in the US or Japan.
For more information, visit http://www.biovieinc.com/.
press release contains
forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend,"
"plan," "believe," "seek," "estimate," "will," "project" or words of
similar meaning. Although BioVie Inc. believes such forward-looking statements are based on reasonable assumptions, it can give
no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the
statements herein due to the Company's ability to successfully raise sufficient capital on reasonable terms or at all, available
cash on hand and contractual and statutory limitations that could impair our ability to pay future dividends, our ability to complete
our clinical trials and to obtain approval for our product candidates, to successfully defend potential future litigation,
changes in local or national economic conditions as
well as various additional risks, many of which are now unknown and generally out of the Company's control, and which are detailed
from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and
annual reports on Form 10-K. BioVie Inc. does not undertake any duty to update any statements contained herein (including any forward-looking
statements), except as required by law.
LifeSci Advisors, LLC