JanOne rises on deal to buy Soin Therapeutics

AI Financial

16/09/2022 14:47

** Shares of JanOne Inc  JAN.O  up 5% at $2.5 in morning
trade as biotech boosts pipeline
    ** Executes term-sheet to buy privately held Soin
Therapeutics LLC and its chronic pain treatment
naltrexone urn:newsml:reuters.com:*:nPn9prQG4a
    ** Deal valued at $13 mln, with up to additional $17 mln 
depending on revenue generated by naltrexone 
    ** Will rename naltrexone to Jan123 and will advance it to
clinical trials after deal closes 
    ** Expects to file an investigational new drug (IND)
application for Jan123 in 2023, plans to begin clinical
development later this year
    ** As of last close, stock down ~40% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))