Fortress’ Cyprium executed an Assignment, Assumption Agreement with Sentynl

Cyprium Therapeutics, a Fortress Biotech subsidiary company, announced that it executed an Assignment and Assumption Agreement with Sentynl Therapeutics, a U.S.-based specialty pharmaceutical company wholly owned by the Lifesciences, in which, Cyprium completed the transfer of its proprietary rights and assigned its FDA documents pertaining to CUTX-101, Copper Histidinate product candidate for the treatment of Menkes disease, to Sentynl. Cyprium received $4.5 million at closing and remains eligible to receive up to $129 million in aggregate development and sales milestones under the Agreement, in addition to royalties on net sales of CUTX-101 as follows: 3% of annual net sales up to $75 million; 8.75% of annual net sales between $75 million and $100 million; and 12.5% of annual net sales in excess of $100 million. Cyprium will retain 100% ownership over any FDA priority review voucher that may be issued at NDA approval for CUTX-101. “We are pleased to complete the CUTX-101 asset transfer with Sentynl. Cyprium has made progress with the CUTX-101 rolling NDA submission, and we expect that Sentynl will complete the filing in 2024. The transfer of the CUTX-101 program to Sentynl will result in a reduction in Cyprium’s development-related spend, while potentially expediting commercialization upon FDA approval. The drug has demonstrated a compelling safety and efficacy profile for the treatment of Menkes disease and, if approved, CUTX-101 will fill a significant unmet need for children suffering from this rare, fatal pediatric disease,” said Fortress’ Chairman, President and Chief Executive Officer and Cyprium’s Chairman, Lindsay Rosenwald, M.D.