JanOne Completes Acquisition of Soin Therapeutics
JanOne, a company that focuses on the development of drugs with non-addictive, pain-relieving properties, announced today that it has completed the acquisition of Soin Therapeutics, LLC and its product, a patent-pending, novel formulation of low-dose naltrexone. This all stock transaction has a value of $13M, with up to an additional $17M depending on revenues generated by the product, for a total value of up to $30M. The transaction includes restrictions on the maximum number of shares of preferred stock and common stock that can be issued to or transferred by Soin Therapeutics at any given time.
The product, now named Jan123, is being developed for the treatment of Complex Regional Pain Syndrome (CRPS), an indication that causes severe, chronic pain generally affecting the arms or legs. There are no truly effective treatments for CRPS, which, together with the relatively small number of patients afflicted with the disease, resulted in the FDA granting Orphan Drug Designation. This designation will provide JanOne with tax credits for its clinical trials, exemption of user fees, and the potential of seven years of market exclusivity following approval. In addition, development of orphan drugs also involves smaller trials and quicker times to approval, given the limited number of patients available to study.
“We are very happy to complete this transaction and become part of JanOne,” said Amol Soin, M.D., Soin Therapeutics’ CEO. “In my pain management medical practice, we have been searching for effective alternatives to opioids and believe that our product will complement JanOne’s mission to develop non-addicting pain medications. We are excited about working with them to get a pivotal trial underway as soon as possible so we can bring JAN123 to the market for treating patients with CRPS.”
Tony Isaac, JanOne’s CEO commented, “JanOne remains very committed to tackling the opioid crisis by developing non-addicting pain medications. With JAN123, we have added another product that could reduce the need for opioids in pain management.” Mr. Isaac further stated, “Given the lack of any truly effective therapies for treating CRPS, we believe JAN123 can capture a significant share of this $100+ million market.”
Jan123 represents the second product JanOne is developing for treating pain. Its first product, JAN101, is a potential treatment for PAD, a vascular disease that affects more than 8.5 million people in the U.S. and more than 60 million people worldwide. JAN101 has been used successfully in clinical trials to reduce pain and improve nerve function.
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