OXIS International, Inc. (OTCMKTS:OXIS) just inked a deal for an interesting acquisition that could value to the company. Investors are responding to the deal kindly in trading today, since the company is trading up 24% at the time of writing.
OXIS announced today that it has completed a binding LOI agreement to acquire Georgetown Translational Pharmaceuticals, Inc. (GTP), a deal that will add fresh management and a class of close-to-market Central Nervous Systems (CNS) products that will add significant value to the Oxis business model.
OXIS International, Inc. (OTCMKTS:OXIS) has agreed to pay 33 percent of its outstanding shares to GTP to complete the transaction, which is expected to close on or before 90 days as per the agreement.
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“The merger of Oxis and GTP will greatly accelerate the clinical development of exciting new treatments to meet the medical needs of those suffering from cancer and neurologic disease,” said Dr. Clarence-Smith. “Harnessing the immune system to fight cancer has the potential to soon bring the cure for certain cancers within our reach, and our CNS pipeline includes drugs that have the potential to improve the quality of life of many patients.”
Oxis’ incoming CMO said: “The drugs in the Oxis pipeline are at the forefront of targeted immunotherapeutics and represent the wave of the future. The non-clinical and clinical data is impressive and validates this approach to cancer therapy. Once approved, these agents will herald a major breakthrough in the field of immunotherapy and offer patients hope against some of the most difficult diseases to treat.”
OXIS International, Inc. (OTCMKTS:OXIS) frames itself as a company that, through its wholly owned subsidiary of Oxis Biotech, Inc., discovers, develops, and commercializes therapeutics from its proprietary product platform in various disease areas in the United States. The company is developing drugs focused on the treatment of cancer.
Its lead drug candidates include OXS-2175, a small molecule therapeutic candidate targeting the treatment of triple-negative breast cancer; OXS-4235, a small molecule therapeutic candidate to treat multiple myeloma and associated osteolytic lesion; and OXS-1550, a bispecific scFv recombinant fusion protein-drug conjugate that targets cancer cells expressing the CD19 receptor or CD22 receptor, or both receptors.
OXIS was formerly known as DDI Pharmaceuticals, Inc. and changed its name to Oxis International, Inc. in 1994. Oxis International, Inc. was founded in 1965 and is based in Tampa, Florida.
OXIS International, Inc. (OTCMKTS:OXIS) carries a $3.23M marketcap with 144.71 million in shares outstanding. OXIS represent a penny stock that might be a reawakening. For most of the year, the stock held a price of .013-.019, but rumors of the acquisition and then the announcement have raised its profile a bit. This stock was worth almost 25 cents at the start of the year, so there could be room to climb here. We will be watching and keeping you updated. For continuing coverage on shares of $OXIS stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!