Altamira Therapeutics soars on sale of inner ear development assets

Altamira Therapeutics

21/10/2022 14:23

** Shares of biotech co Altamira Therapeutics  CYTO.O 
shares up 51.1% premarket at 50 cents
    ** Co to sell its inner ear therapeutics research and
development programs and license to use its RNA delivery
technology in certain inner ear applications to a European
family office  urn:newsml:reuters.com:*:nGNE1Dv9Jy
    ** Co to receive immediate $2 mln in cash, $25 mln in second
upfront payment upon option exercise, and potential milestone
payments of up to $55 mln and future royalties
    ** Deal to sell 90% stake in co's Zilentin unit with option
to acquire all of Altamira's remaining inner ear development
assets in Q4 2022
    ** Says co is also actively working towards the divestiture
of its other legacy asset – the Bentrio nasal spray
    ** Up to last close, stock fell 82% YTD
 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))