AxoSim Technologies and Vyant Bio have entered a definitive agreement for AxoSim to acquire the microBrain™-associated assets of Vyant Bio’s StemoniX subsidiary. The all-cash transaction will grant AxoSim exclusive distribution rights to market the StemoniX microBrain technology platform to pharmaceutical and biotechnology customers. The microBrain platform, along with AxoSim’s NerveSim® and BrainSim® platforms, uses human induced pluripotent stem cells (iPSCs) to develop biomimetic organoids, revolutionizing neurological drug discovery. The deal aims to accelerate breakthrough therapies for neurological diseases. The transaction is expected to close in the next several months, pending shareholder approval.
AxoSim Technologies, Inc., a leader in the development and application of human biomimetic platforms for neurological diseases, and Vyant Bio, Inc. (OTC: VYNT) (Vyant Bio) today announced that they have entered into a definitive agreement under which AxoSim will acquire the microBrain™-associated assets of Vyant Bio’s StemoniX subsidiary. The all-cash transaction is expected to close in the next several months, subject to approval by Vyant Bio’s shareholders. The companies also announced that effective immediately, AxoSim will have exclusive and sole distribution rights to market the StemoniX microBrain technology platform to pharmaceutical and biotechnology customers. These rights would terminate in the event the transaction is not consummated.
The StemoniX microBrain and AxoSim NerveSim® and BrainSim® platforms use human induced pluripotent stem cells (iPSCs) to develop live in vitro models of human brain and nerve structures, also known as organoids. These biomimetic organoids are revolutionizing the way that biopharmaceutical companies discover neurological drugs, delivering human data far faster and more efficiently and enabling the selection of safer, more efficacious drug candidates to improve clinical translation and success.
The StemoniX microBrain technology is a highly scalable iPSC-derived high-throughput neural screening platform coupled with advanced bioanalytical software for phenotypic drug discovery. Containing a physiologic mixture of neurons and astrocytes, microBrain organoids have an enhanced network structure and express key markers of cell maturity and a high density of key neural synapses, producing highly synchronized electrophysiological activity. The microBrain platform demonstrates highly consistent performance, making it well-suited for high-throughput drug discovery, imaging, and screening applications.
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“We believe that AxoSim is the perfect partner for our StemoniX microBrain technology,” said Andrew LaFrence, President, Chief Executive Officer and Chief Financial Officer of Vyant Bio. “AxoSim shares our commitment to applying advanced biomimetic technology to transform neurological drug discovery and development. We also share a track record of scientific innovation and leadership in this rapidly evolving field. We see this combination as the best available option for StemoniX and for our stakeholder community.”
Lowry Curley, PhD, co-founder and Chief Executive Officer of AxoSim, commented, “Neurological diseases such as ALS, Parkinson’s disease, neuropathic pain and rare epilepsies afflict millions yet lack effective therapies. At AxoSim, we are mission-driven to develop human biomimetic models with the potential to jumpstart the discovery and development of breakthrough therapies by enabling drug developers to obtain relevant human data early in the R&D process, reducing the time and cost of drug discovery and increasing the probabilities of success. We are excited at the opportunity to combine our NerveSim and BrainSim platforms with the StemoniX microBrain technology, along with their expert staff and state-of-the-art R&D and manufacturing facility in Minnesota. We see these platforms as highly complementary and synergistic, giving us the opportunity to create a category-leading powerhouse in the field.”
The transaction calls for payments from AxoSim to Vyant Bio of $2.25 million, of which $1.1 million will be paid at close and the remainder based on milestones and the expiration of the indemnification period and release from escrow pursuant to the transaction agreement. In addition, AxoSim will assume approximately $1.2 million of future lease-related liabilities. AxoSim intends to finance the acquisition and the accompanying operational expansion with participation from current and new investors.”
LifeSci Capital is serving as an adviser to Vyant Bio for this transaction.
Source: Bio Space