Cellceutix Corp. is taking advantage of PolyMedix Inc.’s bankruptcy to acquire the company’s assets at an affordable price and strengthen its own portfolio. Under the arrangement announced Sept. 9, Cellceutix will gain the Phase II antibiotic brilacidin and eight other compounds in development for $2.1 million in cash and 1.4 million shares of Cellceutix stock.
Financially distressed PolyMedix filed for Chapter 7 bankruptcy protection April 1, and Cellceutix made a “stalking horse” bid for the...
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