PlasmaTech Biopharmaceuticals, based in Dallas, Texas, is acquiring startup Abeona Therapeutics, a biotechnology company focused on developing therapies for patients with lysosomal storage diseases. As part of the agreement, the PlasmaTech said it will issue a total of 3,979,761 common shares to Abeona members upon closing of the transaction, and up to an additional $9 million in performance milestones, in common stock or cash, at the company's option. 

PlasmaTech said it believes the acquisition will benefit its strategy to build a world class cell and gene therapy company focused on rare diseases such as Sanfilippo syndrome.

“Abeona's programs in MPS IIIB & IIIA address a compelling unmet medical need with breakthrough technology and fundamental core competencies to develop products and accelerate value for patients and shareholders. This acquisition will accelerate development and internationalization of both clinical programs due to increased access to capital and organizational capabilities,” said Steven H. Rouhandeh, PlasmaTech's executive chairman. “Additionally, Abeona recently closed on $4.8 million in financing from leading Sanfilippo Foundations worldwide, and have an additional $1 million commitment for manufacturing.”

Tim Miller, Ph.D., president and CEO of Abeona, will succeed PlasmaTech's CEO Scott Schorer. Dr. Miller, a co-founder of Abeona, has over 16 years of scientific research, product development, clinical operations, and business development expertise. “Tim Miller brings significant experience and leadership in developing and commercializing novel cell and gene therapies,” said Rouhandeh.

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