It turns out Melinta Therapeutics hasn’t won the bidding war over a Massachusetts antibiotics maker after all — at least not yet.
After agreeing June 4 to be acquired by New Haven-born Melinta, Tetraphase Pharmaceuticals on Monday said a third suitor had re-entered the picture.
Tetraphase said that it will consider terminating its agreement with Melinta unless the antibiotics maker submits a higher offer by Friday.
Tetraphase, based in Watertown, Mass., said it received an unsolicited bid from California’s LaJolla Pharmaceutical Co. for up to $59 million — $4 million more than its deal with Melinta.
LaJolla had also bid on the company early on but bowed out as Melinta and another California biotech, AcelRx, submitted multiple rounds of competing bids.
Tetraphase canceled its March agreement with AcelRx after it declined to best Melinta’s last offer of up to $55 million — which included $39 million up front.
Another $16 million would be payable based on Tetraphase’s antibiotic Xerava meeting certain sales milestones. Xerava treats intra-abdominal infections.
LaJolla’s latest offer was for $43 million up front and $16 million based on sales milestones.
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Shelton’s NanoViricides Inc. reported a net loss of $8.08 million, or $1.24 per share, in its most recent quarterly earnings report, but the company says it has enough cash for its planned expenditures for the coming year.
The net loss was higher than the January-to-March period in 2019, when the company lost $2.14 million, or 59 cents a share. The company does not yet have a revenue-producing product.
NanoViricides said it had cash and cash equivalents of $6.44 million as of March 31, and $1.14 million in liabilities, excluding a recent mortgage. The company requested a COVID-19-related extension to file the report with the SEC.
NanoViricides said in a news release Tuesday that it is continuing to make progress on its antiviral drug for COVID-19 as well as its lead drug candidate, NV-HHV-101, a skin cream to treat the shingles rash.
NanoViricides said it is in the process of writing and completing its first IND (investigational new drug) application to the U.S. Food & Drug Administration to begin human studies on the shingles treatment. It is also “in the process of identifying and selecting appropriate partners and collaborators for the intended Phase 1-2a” clinical trials for the drug.
The company said it did not have an expected date for filing the application, citing, among other things, recent COVID-19 restrictions.
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Two New Haven biotechs have announced new appointments to their leadership teams.
New Haven rare disease drugmaker Rallybio announced it has tapped Jackie Schumacher to head global regulatory affairs.
In the role, Schumacher will be responsible for Rallybio’s global regulatory strategy across its drug portfolio, including for its lead drug RLYB211. The drug treats a rare condition that causes uncontrolled bleeding in newborns.
Schumacher mostly recently served as vice president of regulatory and quality at Lyndra Therapeutics in Watertown, Mass. She previously spent more than two decades in pharmaceutical sciences at Pfizer.
New Haven’s BioXcel Therapeutics announced its appointment of Reina Benabou, MD, as chief development officer.
Benabou will lead global clinical development strategy and medical affairs for the company’s neuroscience division, BioXcel said.
Benabou most recently was chief medical officer at New York-based Cognivue. She also held leadership roles at drugmakers Pfizer and Novartis.
Contact Natalie Missakian at news@newhavenbiz.com
