Altamira Therapeutics spins off part of its Bentrio business

Altamira Therapeutics (former Auris Medical), with headquarters in Bermuda and operations in Basel, is a biotech company focusing on developing RNA-based therapeutics for extrahepatic targets. It currently has two flagship siRNA programs in preclinical development beyond in vivo proof of concept: AM-401 for KRAS driven cancer and AM-411 for rheumatoid arthritis. Its Basel-based subsidiary Altamira Medica developed Bentrio, an OTC drug-free nasal spray for personal protection against airborne allergens and, where approved, against airborne viruses. Upon application into the nose, Bentrio forms a protective gel layer on the nasal mucosa, preventing the contact of allergens (or virus particles) with cells. In addition, the composition serves to bind such particles and help with their discharge.

For strategic repositioning to focus on the company’s core RNA delivery technology, Altamira has divested in Bentrio. Under the terms of the agreement, the company has agreed to sell the 51% stake in Medica for a cash consideration of CHF 2,040,000 (about $2.3 million) to a Swiss private equity investor and will retain 49% of the company’s share capital. Further, Altamira will be entitled to receive 25% of Medica’s future licensing income. In addition, the transaction includes the sale of Auris Medical Pty Ltd, Melbourne (Australia) and a cash contribution of CHF 1,000,000 in total to Medica’s capital by its two shareholders pro rata of their shareholdings following the closing.

Medica will continue its operations under its current name and staff in collaboration with Altamira. The transaction, which was set to close on November 21, 2023, is subject to customary closing conditions. The company anticipates recording a financial gain of approximately $5.2 million from the transaction in accordance with International Financial Reporting Standards (IFRS).

“This marks an important first step in our strategic repositioning of the Company,” commented Thomas Meyer, Altamira Therapeutics’ founder, Chairman and CEO. “We are looking forward to developing the Bentrio franchise together with the new co-owner of Medica. We expect major growth from 2024 onwards from existing distribution agreements as well as from the expansion into key markets in North America, Europe and other world regions. In parallel, we have been working on the partnering of our AM-125 for the treatment of acute vestibular syndrome as well as other inner ear assets. We anticipate completing our repositioning process in 2024 into a focused RNA delivery company, leveraging our expertise to drive innovation and advance cutting-edge solutions.”

(RAN)
Photo by Bentrio: The Bentrio nasal spray