Benzinga | Feb 24, 2021 09:20AM EST

Fortress Biotech's Partner Offloads CUTX-101 To Sentynl Therapeutics

* Fortress Biotech Inc's (NASDAQ: FBIO) partner company, Cyprium Therapeutics Inc, has agreed to sell CUTX-101 to Sentynl Therapeutics Inc.

* CUTX-101 is a copper histidinate product candidate for the treatment of Menkes disease. The condition is characterized by sparse and depigmented hair, connective tissue problems, severe neurological symptoms, and neurodevelopmental delays.

* Under the agreement, Cyprium is eligible to receive up to $20 million in upfront development and regulatory cash milestones through marketing application approval, as well as potential sales milestones.

* Royalties on CUTX-101 net sales ranging from the mid-single digits up to the mid-twenties are also payable.

* Cyprium will retain the development responsibility of CUTX-101 through approval of the marketing application by the FDA. Sentynl will be responsible for the commercialization of CUTX-101 and progressing newborn screening activities.

* Sentynl will begin the rolling submission of the marketing application to the FDA this year.

* Price Action: FBIO gained 1.88% at $3.8 in premarket trading on the last check Wednesday.