Scinai Immunotherapeutics (SCNI) said Thursday it signed a binding option agreement to acquire Italian biotech firm Pincell by the end of the year.
Pincell's PC111 product candidate is under development for the treatment of Pemphigus, Steven Johnson's Syndrome, and Toxic Epidermal Necrolysis. Scinai said PC111 has the potential for accelerated approval given the severity of these diseases and its non-immunosuppressive mechanism of action.
To facilitate a grant application, Pincell exclusively licensed PC111 to Scinai's wholly owned Polish subsidiary, which submitted an application under the European Funds for a Modern Economy program in Poland. Scinai is seeking 12 million euros ($12.9 million) in non-dilutive funding for PC111's development.
If Scinai exercises the option to acquire Pincell, the Italian company's shareholders will be eligible for milestone payments and royalties on future net sales of PC111 in the low single digits.
The financial terms of the option agreement were not disclosed.
Shares of Scinai Immunotherapeutics were down nearly 14% in recent trading.
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