Oasmia Pharmaceutical AB (STO:OASM), a developer of a new generation of drugs within human and veterinary oncology, announced on Monday the completion of the transfer of assets into its wholly owned, US-based subsidiary, AdvaVet Inc.
Wth the completion of this transfer, the company said AdvaVet can begin to unlock value for Oasmia shareholders through the development and commercialisation of two new chemotherapy drugs that specifically target companion animals.
According to the company, AdvaVet has started to build infrastructure in the US and has recently hired an experienced CEO and CFO from the veterinary industry, as well as a predominately US-based board of directors, which possesses extensive commercial and financial experience. Advavet is expected to gradually build out its commercial infrastructure in parallel with completing the clinical development of Doxophos Vet and Paccal Vet. Announcements of the leadership team and board of directors are forthcoming.
AdvaVet's products include Doxophos Vet, the only doxorubicin-based product specifically designed for companion animals, which is currently in phase II clinical development for lymphoma, a common cancer type in dogs and cats.
Its products also includes, Paccal Vet, the only paclitaxel formulation specifically designed for use in companion animals, which is currently in the phase II planning stage and has also been granted MUMS status.
AdvaVet is expected to initiate commercial activities in the US during the second half of 2018.
Sichenzia Ross Ference Kesner LLP has served as advisor to Oasmia AB in the spin-out process. In addition, AdvaVet has engaged LifeSci Advisors LLC, a New York based advisory firm, to support on the continued establishment process in the US.
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