PALMERSTON NORTH, NEW ZEALAND and NEW YORK, NY, USA, July 17, 2015 – New Zealand Pharmaceuticals Ltd (NZP) has transferred its Patent License and related Agreements with the U.S. National Institutes of Health (NIH) for the development of oral N-acetyl-D-mannosamine (DEX-M74, ManNAc) to U.S.-based Escala Therapeutics, Inc. (formerly Altamira Bio, Inc.), a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO). NZP will receive milestone payments and royalties from Altamira Bio as the development program for DEX-M74 evolves. Destum Partners, Inc., acted as NZP’s transaction advisor, throughout the process.
