Elcelyx retains pharmaceutical product candidate NewMet, the company’s proprietary delayed-release formulation of metformin for the treatment of patients with Type 2 diabetes.
Elcelyx has funded NaZura with a credit line of $5m, which will be used for clinical development of Lovidia and pre-commercial activities.
“We are separating the Lovidia and NewMet assets in order to maximise their value as we approach critical development milestones,” said Alain D Baron, president and CEO of NaZura BioHealth and Elcelyx Therapeutics. “NaZura BioHealth will commercialize Lovidia, a one-of-a-kind weight loss product with launch planned for early second quarter 2014, and Elcelyx Therapeutics will continue to advance NewMet for Type 2 diabetes.”
Source: NaZura BioHealth
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