AEterna completes Echelon sale
Canada's AEterna Zentaris, which is focused on endocrine therapy and oncology, says that it has completed the sale of all issued and outstanding shares of its wholly-owned Salt Lake City, Utah, USA-based subsidiary, Echelon Biosciences, to Frontier Scientific. The transaction represents $3.2 million, including $2.6 million upfront payable immediately with a $600,000 in contingent consideration.
David Mazzo, chief executive of AEterna Zentaris, welcomed the finalization of the transaction, saying: "it is our intention to divest our remaining non-core assets as they provide additional non-dilutive sources of funds that we will dedicate to advance our lead development programs, specifically our ongoing Phase III program with cetrorelix" a drug for the treatment of benign prostatic hyperplasia.
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