First Wave BioPharma surges after selling bowel disease drug

GridAI Technologies

27/12/2023 11:28

** Shares of drug developer First Wave BioPharma  FWBI.O 
more than double to $8.49 premarket
    ** Co has agreed to sell its inflammatory bowel disease drug
called niclosamide to an undisclosed company 
    ** As part of the term sheet, co to receive a low
seven-figure upfront payment for rights to the drug, as well as
for future milestones and royalties 
    ** Niclosamide is approved to treat intestinal tapeworm
infections; co was testing the drug to treat inflammatory bowel
diseases such as ulcerative colitis and related conditions 
    ** The transaction is expected to close in the first half of
2024, and FWBI says deal helps it focus on developing its three
late-stage clinical programs
    ** Up to last close, stock down 96.9% YTD 


 (Reporting by Sneha  S K)
 ((Sneha.SK@thomsonreuters.com;))