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BetterLife Pharma advancing Altum Pharmaceuticals merger and plans to develop AP-003 to treat coronavirus

A special meeting of Altum shareholders, more than 72% of whom have signed a lock-up agreement, is scheduled for July 29 to approve the merger

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The US Food and Drug Administration has also provided guidance that could lead to a successful IND filing for AP-003

BetterLife Pharma Inc (CSE:BETR) (OTCQB:BETRF) said on Monday that its proposed acquisition of Altum Pharmaceuticals Inc and plans to develop AP-003 to treat coronavirus (COVID-19) are advancing.

The company said a special meeting of Altum shareholders, more than 72% of whom have signed a lock-up agreement, is scheduled for July 29 to approve the merger. The results of the vote will be announced shortly thereafter.

READ: BetterLife Pharma secures support of Altum shareholders in proposed acquisition

BetterLife also said Altum is making progress with the US Food and Drug Administration (FDA) following its May request for a pre-Investigational New Drug (IND) meeting on AP-003 (Interferon Alpha-2b for inhalation). 

The FDA has responded and provided clear and implementable guidance that can lead to a successful IND filing upon completion of one additional nonclinical study, BetterLife said. 

"We are pleased with the feedback from the FDA which provided guidance on non-clinical, CMC and clinical aspects of Altum's proposed plan to initiate an AP-003 COVID-19 development program," Ahmad Doroudian, CEO of BetterLife and Altum In a statement. "The FDA also encouraged further interactions as we near the IND filing."

Doroudian said the FDA guidance “clearly lays out the steps that we have to take to move AP-003 forward so that it reaches the clinic for the treatment of COVID-19.” He added that the company is working towards starting clinical trials in the next two to three months.

The CEO said the Vancouver-based company will release more detailed clarification on the feedback from the FDA and on its planned human trials immediately after the merger vote.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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OTCQB:BETRF
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