Cellceutix acquires PolyMedix assets from bankruptcy court

US clinical-stage biopharma firm Cellceutix (OTCBB: CTIX) has acquired substantially all of the assets of the company formerly known as PolyMedix, which developed small-molecule drugs for the treatment of infectious diseases and innate immunity disorders, from the bankruptcy court.

PolyMedix filed for Chapter 7 bankruptcy protection on April 1, 2013. The acquisition includes the PolyMedix pipeline of nine compounds as well as the substantial equipment assets at PolyMedix' 25,000-square-foot headquarters and laboratory.

The acquisition includes PolyMedix' flagship drug candidate brilacidin (PMX-30063), a first-in-class defensin-mimetic antibiotic that has completed a Phase IIa clinical trial demonstrating safety, tolerability and efficacy in patients with acute bacterial skin and skin structure infections (ABSSSI) caused by Staphylococcus aureus. In the clinical trial, brilacidin hit its primary endpoints with high and low doses outperforming Cubist Pharmaceuticals' Cubicin (daptomycin) in the control arm of the study.