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Cortexyme to Acquire Novosteo to Expand Pipeline of Therapeutics into Rare Disease Indications.

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MANews-(C)2009-2022

California-based biopharmaceutical company Cortexyme, Inc. (NASDAQ: CRTX) has agreed to acquire Pennsylvania-based biotech company Novosteo, to expand pipeline of targeted therapeutics to treat rare skeletal diseases, bone cancer and injury, the company said.

Upon completion of the transaction, Novosteo stockholders will own approximately 15.5% of the combined company. Terms were not disclosed.

The acquisition of Novosteo expands Cortexyme's drug development pipeline into rare disease indications with the addition of NOV004, a bone targeting molecule designed to accelerate fracture repair, including in patients with osteogenesis imperfecta.

Upon completion of the transaction, the company will have capital resources of approximately USD 120m in cash, cash equivalents and investments as of March 31, 2022, on a proforma basis with which to fund its combined operating requirements.

The company plans to operate under a new name...

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