Transaction total value up to £176 million
- Strategic divestment of wound care division validates 30 Technology’s world-leading proprietary Nitric Oxide (NO) technology – the most significant advance in combating anti-microbial resistant infections in over 50 years
- The sale encompasses all wound care assets, research and development and commercial applications of the technology related to the topical treatment of chronic and acute wounds, burns, and tissue repair
- 30 Technology retains the rights to, and will continue to develop products for respiratory medicine, animal health, oral surgery, rare diseases and ophthalmology indications, each of which represent billion-dollar opportunities
- Divestment enables 30 Technology to accelerate the development of its innovative and differentiated NO platform, with lead respiratory products already in Phase II trials for cystic fibrosis (CF) and bronchiectasis (NCFB)
- Initial consideration of £45 million, with further potential payments of up to £131 million upon the achievement of specific regulatory approvals and commercial milestones.
30 Technology, the world leader in clinical nitric oxide generation technology for health care, today announced that it has completed the sale of its antimicrobial nitric oxide platform in certain applications to Convatec Group Plc (LSE: CTEC). The sale encompasses all wound care assets, research and development and commercial applications of the technology related to the topical treatment of chronic and acute wounds, burns, and tissue repair, as well as other certain medical device applications. The initial consideration is £45 million, with further potential payments of up to £131 million upon the achievement of specific regulatory approvals and commercial milestones.
The completion of this strategic divestment will allow 30 Technology to accelerate its world leading position in clinical, ultra-broad spectrum NO-generation and rapidly advance its innovative and differentiated platform of NO-generating technologies. 30 Technology’s strategy will focus on tackling critical unmet needs in respiratory disease, animal health, rare diseases, oral health, ophthalmology, and a range of other therapeutics applications, each of which constitute billion-dollar market opportunities. As part of the transaction, a small team from 30 Technology will transfer across to Convatec.
NO is critical to immunity, tissue healing and blood oxygenation and 30 Technology is the first to successfully develop and patent a novel platform technology that can safely deliver high-dose nitric oxide for sustained periods in multiple different forms (liquid, gel, powders)
30 Technology’s lead respiratory products are inhaled solutions based upon their patented NO-generating formula, which produces potent antimicrobial concentrations of NO, directly at the site of infection. 30 Technology believes that these assets will be effective, even against severe antimicrobial resistant bacteria which are increasingly common in chronic respiratory diseases such as Cystic Fibrosis (CF), Bronchiectasis (NCFB) and COPD. These candidates have demonstrated compelling efficacy against viruses, fungi, and bacteria (including those resistant to multiple antibiotics) and are currently in multiple Phase II human clinical trials.
Syd Hanna, Group Executive Director of 30 Technology commented: “This transaction validates 30 Technology’s transformational approach to unlock the potential of nitric oxide to treat a range of infections with a durable and safe treatment. Antimicrobial resistance is one of the key challenges of our time and we believe our technology has huge potential for application across a multitude of increasingly hard to treat indications. The completion of this strategic divestment will allow 30 Technology to accelerate its development in multiple areas, including respiratory indications, where we are already in several clinical trials. We look forward to providing further updates on our progress in these indications as well as in the multitude of other potential applications for our unique NO technology.”
Dr. Divakar Ramakrishnan, Chief Technology Officer and Head of Research & Development at Convatec said: “This nitric oxide-based technology platform represents a unique natural antimicrobial and antibiofilm mode of action that is based on compelling scientific and clinical data as well as knowhow. We are excited to welcome new colleagues to Convatec with their technical and translational science expertise. We are looking forward to commercializing this innovative technology, across a variety of medtech device applications starting with Advanced Wound Care. Our leading global research and development, operations and commercial teams are eager to support them in bringing pioneering products to market.”
The Rt Hon Steve Barclay MP, Secretary of State for Health and Social Care: “It is very gratifying to see yet another innovation entirely created and developed in the UK that heals patients who would otherwise spend years suffering ill health and disability. 30 Technology is a great example of how the NHS and UK life sciences sector can together deliver world leading therapies that benefit patients and the economy.”
30 Technology’s platform was developed from IP originally created at a major UK university, was clinically validated within the NHS and Scottish Enterprise, Scotland’s national economic development agency, is a founding investor in the Company.
Stifel acted as financial advisor and Goodwin Procter provided legal counsel to 30 Technology.
Contacts
30 Technology
Syd Hanna, Group Executive Director
contact@30.technology
Media Contacts
Amber Fennell, Chris Welsh, Lucy Featherstone
Consilium Strategic Communications
30Technology@consilium-comms.com
About 30 Technology
30 Technology is a privately owned biopharmaceutical company developing nitric oxide-generating technologies for health care applications, that represent the most significant advance in combating anti-microbial resistant infections in over 50 years. The company’s proprietary NO-generating platform safely delivers sustained high-dose nitric oxide in multiple forms (e.g., an inhaled liquid, topical gel, or dry powder), at multiple doses and for durations ranging from hours to many days. This flexibility makes it ideally suited to a broad range of clinical applications with 30 Technology initially targeting respiratory disease, animal health, rare diseases, oral health, and ophthalmology.
The company’s lead development candidates are inhaled solutions that produce potent broad spectrum antimicrobial activity directly on the infected lung surface. They have been developed to treat the most serious multi drug resistant respiratory infections and are currently in multiple Phase II clinical trials in CF and NCFB.
30 Technology was founded by Professor Chris Wood, an honorary Professor at Imperial College London and a Fellow of the Royal College of Surgeons of Edinburgh, and has attracted investment from Morningside Ventures (Boston) and Scottish Enterprise.
To find out more please visit: https://30.technology/
About Convatec
Pioneering trusted medical solutions to improve the lives we touch: Convatec is a global medical products and technologies company, focused on solutions for the management of chronic conditions, with leading positions in advanced wound care, ostomy care, continence care and infusion care and infusion care. With around 10,000 colleagues, we provide our products and services in almost 100 countries, united by a promise to be forever caring. Our solutions provide a range of benefits, from infection prevention and protection of at-risk skin, to improved patient outcomes and reduced care costs. Group revenues in 2022 were over $2 billion. The company is a constituent of the FTSE 100 Index (LSE:CTEC). To learn more about Convatec, please visit http://www.convatecgroup.com