Omni Bio Pharmaceutical Inc. is an emerging biopharmaceutical company that has licensed therapies currently in development that have the potential to address large, unmet diseases and generate substantial commercialization potential. The company’s core strategy centers around licensing issued and pending patents that cover new uses for an existing FDA-approved drug.
The company today announced that it has acquired a 25 percent equity ownership of BioMimetix Inc. for $2 million in cash. In addition to this initial stake, Omni Bio was issued a common stock purchase warrant to acquire up to an additional 15 percent equity ownership interest in BioMimetix for an additional $2 million.
Concurrent with this investment, Duke University entered into an exclusive licensing agreement with BioMimetix. This firm is a recently formed biopharmaceutical company which intends to develop a new class of patented compounds for the treatment of various disease and health care treatment classifications including radiation toxicity incurred during cancer treatments.
The American Society for Radiation Oncology estimates that approximately 1 million patients undergo radiation therapy treatments annually in the United States. Therefore, based on what Omni Bio believes are conservative pricing estimates of $5,000 per patient for radio-protective drug treatment, the total addressable market in the United States could be as high as $5 billion. Add in the markets of Europe, Japan and Australia and that is another $5 billion.
For more information on Omni Bio Pharmaceutical, please visit the company’s website at www.omnibiopharma.com.