Matinas BioPharma agrees to sell LNC platform, MAT2203 to Azurity for $4 million upfront
MTNB•Matinas to sell Nanotechnologies unit to Azurity
Matinas BioPharma signed a definitive deal to sell its Nanotechnologies unit, including MAT2203 and the LNC drug-delivery platform, to Azurity Pharmaceuticals.
Consideration includes $4 million upfront cash, up to $17.5 million in milestones, and mid-single-digit royalties on MAT2203 net sales and certain licensing proceeds.
Former Series A preferred holders are entitled to 7.5% of amounts received from Azurity under previously issued royalty rights certificates.
Closing requires stockholder approval and is tied to completion of the planned business combination with GH Power.
