Windtree Therapeutics, Inc. (NasdaqCM: WINT) has announced the acquisition of a novel oncology asset platform from Varian Biopharmaceuticals, Inc., including an atypical protein kinase C iota inhibitor (aPKCi), and the completion of a $1.5 million convertible note bridge financing.
The transaction, which took place on April 2, 2024, involved the issuance of 5,500 shares of Series B Convertible Preferred Stock to Varian’s creditor investors.
The acquired assets, comprising two formulations—VAR-101 (topical) and VAR-102 (oral)—are expected to have broad applications in treating various cancers and rare malignant diseases.
Windtree’s CEO, Craig Fraser, expressed optimism about the acquisition’s potential to enhance the company’s product portfolio and create value, particularly with the promising pre-clinical data of the aPKCi.
The company also plans to make up to $2.3 million in milestone payments related to the development of the acquired assets, with the option to pay in cash or stock.
Windtree’s strategy includes advancing its SERCA2a activator platform and leveraging its financial position to grow the business further.