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Pelthos Therapeutics Reports Second Quarter 2025 Financial Results for Legacy Operations and Provides Business Update
Files Quarterly Report on Form 10-Q detailing financial results for legacy operations for the three and six months ended June 30, 2025 Strong physician response following successful launch of ZELSUVMI™ (berdazimer) topical gel 10.3%, the first and only FDA-approved at-home treatment for molluscum contagiosum for patients one year of age and older Completes build-out of essential management operational infrastructure and hires 50 territory sales managers DURHAM, N.C., Aug. 18, 2025 (GLOBE NEWSWIRE) -- Pelthos Therapeutics Inc. (NYSE American: PTHS), a biopharmaceutical company ('Pelthos' or the 'Company') committed to commercializing innovative therapeutic products for high unmet patient needs, today reported financial results for legacy operations for the three and six months ended June 30, 2025. This will be the last set of financial results that the Company will issue solely related to the business operations of Channel Therapeutics Corporation prior to the consummation of the merger (the 'Merger') and the concurrent private placement financing that closed on July 1, 2025. Recent Company Highlights Completed the Merger with Channel Therapeutics and closed the $50.1 million private placement financing As previously announced, on July 1, 2025, Pelthos completed its Merger with and into a wholly owned subsidiary of Channel Therapeutics Corporation and closed a $50.1 million private placement to support the commercial launch of ZELSUVMI™. The combined company now operates under the name Pelthos Therapeutics Inc. The private placement was led by a group of strategic investors including Murchinson Ltd. Subject to certain exceptions, the shares of the Company's common stock, par value $0.0001 per share underlying the shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the 'Series A Preferred Stock'), issued in the private placement financing are locked up through December 31, 2025. The Company's freely tradable public float is currently approximately 600,000 shares of Common Stock. Based on the current common stock outstanding, Pelthos has an estimated market capitalization of approximately $55 million. However, the Company's implied estimated market capitalization would be approximately $165 million based on the conversion of all shares of Series A Preferred Stock issued in connection with the Merger and the private placement financing. Launched ZELSUVMI (berdazimer) topical gel 10.3%, for molluscum contagiosum On July 10, 2025, Pelthos launched ZELSUVMI, the first and only prescription therapy approved by the U.S. Food and Drug Administration ('FDA') for use at home by patients, parents, and caregivers to treat molluscum infections, a highly contagious viral skin condition. ZELSUVMI is a novel, topical nitric oxide-releasing gel for the treatment of molluscum at the time of diagnosis. The once-daily prescription medication is effective, well tolerated, and convenient for at-home or on-the-go application and can be used to treat infections on the body, including sensitive areas such as the face, groin, or underarms. This highly contagious viral skin condition afflicts an estimated 16.7 million people, with up to 6 million new incidents every year in the United States, most of them children.i,ii Completed build-out of management and operational infrastructure and hired 50 territory sales managers Pelthos completed the buildout of its management, operational and sales teams in July. This follows the promotion of Sai Rangarao to Chief Commercial Officer and the appointment of Matt Rysavy to Vice President of Market Access. The Pelthos team now consists of more than 90 employees, including 50 territory sales managers focused on the commercial launch of ZELSUVMI. Management Commentary Scott Plesha, CEO of Pelthos, stated, 'The past month has been defined by focus and execution. Since completing the Merger and closing our private placement financing in early July, we have successfully built out our commercial organization and launched our novel treatment for molluscum into the market. These early achievements position us for an exciting next chapter of growth and innovation.' Mr. Plesha continued, 'We will continue to invest in ZELSUVMI awareness programs to drive sales growth while also focusing on expanding our pipeline and monetizing our legacy pain programs, which are key components of our long-term growth strategy. Our team is currently in advanced discussions to acquire a second FDA-approved pediatric infectious disease product that would complement ZELSUVMI. We look forward to providing further updates over the coming months as we aim to create long-term value for our stockholders.' Sai Rangarao, Pelthos Chief Commercial Officer, added, 'The commercial launch of ZELSUVMI, has been positively received by healthcare practitioners, with orders and prescriptions meeting or exceeding our sales expectations. We believe ZELSUVMI addresses a significant need for HCPs, caregivers, and patients seeking an effective at-home solution to treat molluscum and to reduce or minimize the visible and psychological effects of scarring associated with this highly contagious skin condition.' About Molluscum Contagiosum Molluscum is a poxvirus and one of the most common skin infections seen by dermatologists, pediatric dermatologists, and pediatricians. This highly contagious viral skin condition afflicts an estimated 16.7 million people, with up to 6 million new incidents every year in the United States, most of them children.i,ii, Individuals with compromised immune systems are at an elevated risk of contracting molluscum, with the condition impacting approximately 20% of HIV patients.i Molluscum infections spread to others through contact with infected persons or contaminated objects like towels, toys, furniture, swimming pools, and other surfaces. Molluscum infections present with raised, flesh-colored or red bumps that can appear anywhere on the body, including the face, hands, trunk, genitals, back of the knees, armpits, and other sensitive areas. People with molluscum may suffer discomfort from itching, secondary bacterial infections from scratching, or atopic dermatitis, as well as immense social stigma from having visible molluscum lesions that may persist for months to years. It is estimated that 30% of children will have lesions that persist beyond 18 Up to 73% of children with molluscum go About ZELSUVMI™ (berdazimer) topical gel, 10.3% ZELSUVMI (berdazimer) topical gel, 10.3% is a nitric oxide (NO) releasing agent indicated for the topical treatment of molluscum contagiosum in adults and pediatric patients one year of age and older. ZELSUVMI received a novel drug designation from the U.S. Food and Drug Administration in 2024 and is the first and only approved topical prescription medication that can be applied by patients, parents, or caregivers at home, outside of a physician's office, or other medical setting to treat this highly contagious viral skin infection. The product was developed using the proprietary nitric oxide-based technology platform, NITRICIL™, now owned by Ligand Pharmaceuticals Incorporated. Complete prescribing information and important safety information is available at About Pelthos Therapeutics Pelthos Therapeutics (NYSE American: PTHS) is a biopharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help patients with unmet treatment burdens. The Company's lead product ZELSUVMI™ (berdazimer) topical gel, 10.3%, for the treatment of molluscum contagiosum, was approved by the U.S. Food and Drug Administration in 2024. More information is available at Follow Pelthos on LinkedIn and X. Forward-Looking Statements This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Pelthos' current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as 'plans,' 'believes,' 'expects,' 'anticipates,' and 'will,' and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) our belief that our completion of the Merger, the closing of the private placement financing, the buildout of our commercial organization and the launch of ZELSUVMI will position us for future growth and innovation, (ii) the anticipated timing of an FDA- approved pediatric infectious disease product, (iii) the belief that ZELSUVMI addresses a significant need for physicians and caregivers seeking an effective at-home solution to treat molluscum and to reduce or minimize the visible and psychological effects of scarring associated with the condition, and (vii) the Company's future opportunities, strategy and plans in the market. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to there being no guarantee that the trading price of the combined company's Common Stock will be indicative of the combined company's value or that the combined company's Common Stock will become an attractive investment in the future; we may rely on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; we and our partners may not be able to timely or successfully advance any product(s) in our internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law. Contacts Investor Inquiries: Mike MoyerLifeSci Advisors, LLCManaging Director mmoyer@ Media:KWM CommunicationsKellie Walsh / Rachel Kesslerpelthos@ (914) 315-6072 i Neal Bhatia, Adelaide A Hebert, James Q Del Rosso. Comprehensive Management of Molluscum Contagiosum: Assessment of Clinical Associations, Comorbidities, and Management Principles. Journal of Clinical and Aesthetic Dermatology. 2023 Aug;16(8 Suppl 1):S12– Olsen JR, Gallacher J, Finlay A, Piguet V, Francis NA. Time to resolution and effect on quality of life of molluscum contagiosum in children in the UK: a prospective community cohort study. Lancet Infect Dis. 2015;15:190-195 iii Molluscum contagiosum: overview. American Academy of Dermatology. Accessed December 9, 2024. in to access your portfolio
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10-07-2025
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Pelthos Therapeutics Launches ZELSUVMI™ (berdazimer) Topical Gel 10.3%, the First and Only FDA-Approved At-Home Treatment for Molluscum Contagiosum
ZELSUVMI is now commercially available via prescription through retail pharmacies, ASPN pharmacy services and for at-home delivery through mail-order pharmacies Once-daily topical prescription medication can be applied by patients, parents and caregivers outside of a physician's office, at home or on the go Molluscum contagiosum is a highly contagious viral skin condition that afflicts an estimated 16.7 million people with up to 6 million new incidents per year in the United States, most of them children DURHAM, N.C., July 10, 2025 (GLOBE NEWSWIRE) -- Pelthos Therapeutics Inc. (NYSE American: PTHS), a biopharmaceutical company committed to commercializing innovative therapeutic products for high unmet patient needs, today announced the launch of ZELSUVMI™ (berdazimer) topical gel, 10.3%, for the treatment of molluscum contagiosum (molluscum) in adults and pediatric patients one year of age and older.i,ii ZELSUVMI received a Novel Drug designation from the U.S. Food and Drug Administration in January 2024 and is the first and only prescription therapy approved for use at home by patients, parents, and caregivers to treat molluscum infections, a highly contagious viral skin condition. 'We believe that the commercial launch of ZELSUVMI marks a significant advancement for patients with molluscum and their caregivers, who previously lacked an at-home treatment option for this burdensome skin infection,' said Scott Plesha, CEO of Pelthos. 'We are excited to make ZELSUVMI widely available for the millions of patients afflicted by this condition. Our commercial efforts will aim to provide stellar education and support for patients seeking effective treatment for their molluscum infections.' ZELSUVMI is a novel, topical nitric oxide-releasing gel for the treatment of molluscum at the time of diagnosis. The once-daily prescription medication is effective, well tolerated, and convenient for at-home or on-the-go application and can be used to treat infections on the body, including sensitive areas such as the face, groin, or underarms. ZELSUVMI was studied in the largest randomized clinical trial for the treatment of molluscum. The trial was a multicenter, randomized, double-blind, vehicle controlled, parallel-group, Phase 3 study of the efficacy and safety of ZELSUVMI in 891 patients. Complete clearance of molluscum lesions was seen in nearly 33% of patients compared with 19.7% of patients who did not receive the active ingredient at the twelfth week. For many patients, ZELSUVMI demonstrated results within two weeks.i,ii "Many parents delay seeking treatment for their children's uncomfortable lesions because current procedural treatments and frequent office visits can be inconvenient, while therapeutic options are limited. Untreated molluscum can spread throughout the child's body but also to other family members," said Nanette Silverberg, MD, Chief of Pediatric Dermatology at the Mount Sinai Health System. 'A safe and effective topical gel for molluscum, like ZELSUVMI, which can be applied at home or on the go, would make a significant difference for this young patient population and address a serious, unmet medical need." "We are launching our ZelsuvmiGo patient support program, which we expect to help onboard patients seamlessly and provide resources for caregivers," said Sai Rangarao, Chief Commercial Officer at Pelthos. "To ensure that ZELSUVMI reaches the people who need it quickly, we have hired 50 sales territory managers across the country to work with physicians who treat a high volume of patients with molluscum. We have also implemented extensive digital outreach and awareness efforts to ensure ZELSUVMI can be prescribed by any healthcare provider at any time. These patients have waited a long time for an at-home treatment option." ZELSUVMI is now commercially available through retail pharmacies, ASPN pharmacy services and for at-home delivery through mail-order pharmacies via prescription. For more information about ZELSUVMI visit About Molluscum ContagiosumMolluscum is a poxvirus and one of the most common skin infections seen by dermatologists, pediatric dermatologists, and pediatricians. This highly contagious viral skin condition afflicts an estimated 16.7 million people, with up to 6 million new incidents every year in the United States, most of them children.i,ii,iii Individuals with compromised immune systems are at an elevated risk of contracting molluscum, with the condition impacting approximately 20% of HIV Molluscum infections spread to others through contact with infected persons or contaminated objects like towels, toys, furniture, swimming pools, and other surfaces. Molluscum infections present with raised, flesh-colored or red bumps that can appear anywhere on the body, including the face, hands, trunk, genitals, back of the knees, armpits, and other sensitive areas. People with molluscum may suffer discomfort from itching, secondary bacterial infections from scratching, or atopic dermatitis, as well as immense social stigma from having visible molluscum lesions that may persist for months to years. It is estimated that 30% of children will have lesions that persist beyond 18 months.v Up to 73% of children with molluscum go About ZELSUVMI™ (berdazimer) topical gel, 10.3%ZELSUVMI (berdazimer) topical gel, 10.3% is a nitric oxide (NO) releasing agent indicated for the topical treatment of molluscum contagiosum in adults and pediatric patients one year of age and older. ZELSUVMI received a novel drug designation from the U.S. Food and Drug Administration in 2024 and is the first and only approved topical prescription medication that can be applied by patients, parents, or caregivers at home, outside of a physician's office, or other medical setting to treat this highly contagious viral skin infection. The product was developed using the proprietary nitric oxide-based technology platform, NITRICIL™, now owned by Ligand Pharmaceuticals Incorporated. Complete prescribing information and important safety information is available at IMPORTANT SAFETY INFORMATION Contraindications: None. Warnings: Application site reactions, including, allergic contact dermatitis occurred. Discontinue ZELSUVMI and initiate appropriate therapy. Adverse Reactions: The most commonly reported adverse reactions (≥1%) are application site reactions including pain such as burning or stinging sensations (18.7%), erythema (11.7%), pruritus (5.7%), exfoliation (5.0%), dermatitis (4.9%), swelling (3.5%), erosion (1.6%), discoloration (1.5%), vesicles (1.5%), irritation (1.2%), and infection (1.1%). About Pelthos TherapeuticsPelthos Therapeutics (NYSE American: PTHS) is a biopharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help patients with unmet treatment burdens. The company's lead product ZELSUVMI™ (berdazimer) topical gel, 10.3%, for the treatment of molluscum contagiosum, was approved by the U.S. Food and Drug Administration in 2024. More information is available at Follow Pelthos on LinkedIn and X. Forward-Looking StatementsThis press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Pelthos' current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as 'plans,' 'believes,' 'expects,' 'anticipates,' and 'will,' and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) our belief that the commercial launch of ZELSUVMI marks a significant advancement for patients with molluscum and their caregivers, (ii) our commercial efforts will aim to provide stellar education and support for patients seeking effective treatment for their molluscum infections, (iii) our expectation that the launch of ZelsuvmiGo patient support program will help onboard patients seamlessly and provide resources for caregivers; and (iv) the timing of product launches, including ZELSUVMI. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law. Contacts Media:KWM CommunicationsKellie Walsh / Rachel Kesslerpelthos@ (914) 315-6072 Investors:LifeSci Advisors, LLCMike Moyer, Managing Directormmoyer@ _______________________________i ZELSUVMI. Prescribing information. EPIH SPV, LLC. 2024. ii Browning JC, Enloe C, Cartwright M, et al. Efficacy and safety of topical nitric oxide-releasing berdazimer gel in patients with molluscum contagiosum: a phase 3 randomized clinical trial. JAMA Dermatol. 2022;158(8):871-878. iii Han H, Smythe C, Yousefian F, Berman B. Molluscum contagiosum virus evasion of immune surveillance: a review. J Drugs Dermatol. 2023;22(2): Neal Bhatia, Adelaide A Hebert, James Q Del Rosso. Comprehensive Management of Molluscum Contagiosum: Assessment of Clinical Associations, Comorbidities, and Management Principles. Journal of Clinical and Aesthetic Dermatology. 2023 Aug;16(8 Suppl 1):S12–S17.v Olsen JR, Gallacher J, Finlay A, Piguet V, Francis NA. Time to resolution and effect on quality of life of molluscum contagiosum in children in the UK: a prospective community cohort study. Lancet Infect Dis. 2015;15:190-195 vi Molluscum contagiosum: overview. American Academy of Dermatology. Accessed December 9, 2024.
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02-07-2025
- Business
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Pelthos Therapeutics Completes Merger with Channel Therapeutics and Closes $50.1 Million Private Placement
The combined company plans to launch ZELSUVMI™ for the treatment of molluscum contagiosum infections in July 2025 Concurrent with the closing of the merger, the combined company closed on a $50.1 million equity private placement Combined company will operate under the name 'Pelthos Therapeutics Inc.' and will trade on the NYSE American exchange under the ticker symbol 'PTHS' starting on July 2, 2025 DURHAM, N.C., July 02, 2025 (GLOBE NEWSWIRE) -- Pelthos Therapeutics Inc., a biopharmaceutical company committed to commercializing innovative therapeutic products for high unmet patient needs, today announced the closing of the previously announced merger agreement pursuant to which CHRO Merger Sub Inc. ('Merger Sub'), a wholly owned subsidiary of Channel Therapeutics Corporation ('Channel'), merged with and into LNHC, Inc. ('LNHC'), a wholly owned subsidiary of Ligand Pharmaceuticals Incorporated ('Ligand') (Nasdaq: LGND), with LNHC surviving as a wholly owned subsidiary of Channel (the 'Merger'). The combined company will operate under the name Pelthos Therapeutics Inc. ('Pelthos' or the 'Company'), and its shares will trade on the NYSE American exchange starting on July 2, 2025 under the new ticker symbol 'PTHS'. 'This Merger represents a significant milestone for Pelthos, taking us closer to the launch of ZELSUVMI™ and enabling us to deliver this innovative product to the patients who need it. We are excited to begin this new chapter as a publicly traded company and to create value for our shareholders,' said Scott Plesha, the CEO of the Company following the Merger. Concurrent with the Merger, Pelthos closed on a $50.1 million private placement from a group of strategic investors led by Murchinson Ltd. ('Investors'). The capital is being invested into Pelthos' shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the 'Series A Preferred Stock') and common stock, par value $0.01, and includes cancellation of approximately $18.8 million in bridge capital that has been advanced to Pelthos by certain of the private placement Investors since the beginning of 2025 to support the commercial launch of ZELSUVMI™. Pelthos will initially focus on the launch and commercialization of ZELSUVMI™ (berdazimer) topical gel, 10.3%, for the treatment of molluscum contagiosum infections ('molluscum') in adults and pediatric patients one year of age and older.1 ZELSUVMI™ is an FDA-designated novel drug and the first and only prescription medication approved for the treatment of molluscum that can be administered at home by parents, patients, and caregivers. Molluscum is a poxvirus and one of the most common skin infections seen by dermatologists, pediatric dermatologists, and pediatricians, afflicting an estimated 16.7 million people in the United States.2,3 Additionally, Pelthos is continuing to evaluate the path forward for its existing NaV 1.7 development programs for the treatment of various types of chronic pain, acute and chronic eye pain, and post-surgical nerve blocks. Frank Knuettel II, former CEO of Channel Therapeutics Corporation and the newly appointed CFO of Pelthos, added, 'I am pleased to have completed the Merger on behalf of Channel's shareholders, and I am delighted to join the high-caliber team at Pelthos to help guide the launch of ZELSUVMI™. The management team has extensive experience in successfully launching new therapies, and I believe this transaction will position Pelthos for future growth.' A.G.P. / Alliance Global Partners served as financial advisor to Channel. Sullivan & Worcester LLP served as Channel's legal counsel and Latham & Watkins LLP served as lead counsel to Ligand. Kelley Drye & Warren LLP and Morgan, Lewis and Bockius LLP represented Murchinson Ltd. About ZELSUVMI™ (berdazimer) topical gel, 10.3%ZELSUVMI™ (berdazimer) topical gel, 10.3% is a nitric oxide (NO) releasing agent indicated for the topical treatment of molluscum contagiosum in adults and pediatric patients one year of age and older. ZELSUVMI™ received a novel drug designation from the U.S. Food and Drug Administration in 2024 and is the first and only approved topical prescription medication that can be applied by patients, parents, or caregivers at home, outside of a physician's office, or other medical setting to treat this highly contagious viral skin infection. The product was developed using Pelthos' proprietary nitric oxide-based technology platform, NITRICIL™. Complete prescribing information and important safety information is available at About Pelthos Therapeutics Pelthos Therapeutics is a biopharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help patients with unmet treatment burdens. The company's lead product ZELSUVMI™ (berdazimer) topical gel, 10.3%, for the treatment of molluscum contagiosum, was approved by the U.S. Food and Drug Administration in 2024. More information is available at Follow Pelthos on LinkedIn and X. Forward-Looking Statements This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Pelthos' current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as 'plans,' 'believes,' 'expects,' 'anticipates,' and 'will,' and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) our belief that investors should feel encouraged that Pelthos has a strong development path towards successfully launching drugs with considerable market opportunities, (ii) the timing of clinical and regulatory events of us and our partners, (iii) the timing of the initiation or completion of preclinical studies and clinical trials by us and our partners; (iv) the timing of product launches, including ZELSUVMI; (v) guidance regarding projected financial results for 2025 and beyond, (vi) the anticipated benefits of the Merger between LNHC and Channel and (vii) the combined company's opportunities, strategy and plans following the Merger. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to there being no guarantee that the trading price of the combined company's Common Stock will be indicative of the combined company's value or that the combined company's Common Stock will become an attractive investment in the future; we may rely on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; we and our partners may not be able to timely or successfully advance any product(s) in our internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law. Contacts Pelthos Investor Inquiries: Mike MoyerManaging Director, LifeSci Advisors, LLCmmoyer@ 1 Please see ZELSUVMI™ (berdazimer) topical gel full prescribing information available at for important safety information or US Census Bureau. QuickFacts: United States.2022. 3 Hebert AA, et al. J Clin Aesthet Dermatol. 2023 Aug;16(8 Suppl 1):S4-S11
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02-07-2025
- Business
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Ligand Announces Completion of Pelthos Therapeutics Merger with Channel Therapeutics
Pelthos plans to launch ZELSUVMI™ for the treatment of Molluscum contagiosum infections in July 2025 Concurrent with the closing of the merger, Ligand has invested $18 million in the combined company and is entitled to a 13% royalty on worldwide sales of ZELSUVMI Pelthos will commence trading on the NYSE American exchange under the new ticker symbol 'PTHS' on July 2, 2025 JUPITER, Fla., July 02, 2025 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today announced the completion of its previously announced merger between the company's wholly owned subsidiary, LNHC, Inc., and CHRO Merger Sub Inc., a wholly owned subsidiary of Channel Therapeutics Corporation ('Channel'). The combined company will operate under the name Pelthos Therapeutics Inc. ('Pelthos') and will commence trading on the NYSE American exchange under the new ticker symbol 'PTHS' on July 2, 2025. 'Today marks not just a corporate milestone, but a transformative turning point for the team at Pelthos,' said Todd Davis, CEO of Ligand. 'With the successful closing of this merger and the launch of Pelthos as an independent, publicly traded biopharmaceutical company, we have unlocked new potential for innovation and long-term value creation for our shareholders. This moment is the result of the vision, hard work, and unwavering commitment of our internal team, who developed the commercial platform to help bring ZELSUVMI, a novel product addressing a significant unmet need, to market this summer. Ligand recognized the potential value of ZELSUVMI before it was approved, during a time when others did not, and we are proud to bring this impactful treatment to market through our special situations initiatives.' Concurrent with the merger, Pelthos raised $50.1 million of equity capital, including a private placement from a group of strategic investors led by Murchinson ('Investor Group' and together with Ligand, the 'Investors'). The Investor Group invested $32 million and Ligand invested $18 million in the combined company, respectively. The capital is being invested into Pelthos' Series A Convertible Preferred Stock ('Series A') and Common Stock and includes cancellation of approximately $18.8 million in bridge capital that was advanced to Pelthos by several of the Investors (including Ligand) since the beginning of 2025 to support the commercial launch of ZELSUVMI. Ligand is entitled to a 13% royalty on worldwide net sales of ZELSUVMI. 'Ligand has been an incredible partner over the past few years, and we look forward to their continued guidance and support as members of the Pelthos board,' commented Scott Plesha, CEO of Pelthos. 'We are excited to begin this new chapter as a publicly traded company and to bring this innovative product to the patients who need it.' Pelthos will initially focus on the launch and commercialization of ZELSUVMI (berdazimer) topical gel, 10.3%, for the treatment of Molluscum contagiosum infections ('molluscum') in adults and pediatric patients one year of age and older.1 ZELSUVMI is an FDA-designated novel drug and the first and only prescription medication approved for the treatment of molluscum that can be administered at home by parents, patients, and caregivers. Molluscum is a poxvirus and one of the most common skin infections seen by dermatologists, pediatric dermatologists, and pediatricians, afflicting an estimated 16.7 million people in the United States.2,3 Additionally, Pelthos is continuing to evaluate the path forward for Channel's existing NaV 1.7 development programs for the treatment of various types of chronic pain, acute and chronic eye pain, and post-surgical nerve blocks. Latham & Watkins LLP served as lead counsel to Ligand. About Ligand PharmaceuticalsLigand is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing our technologies or both. Our business model seeks to generate value for stockholders by creating a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable and diversified manner. Our business model is based on funding programs in mid- to late-stage drug development in return for economic rights, purchasing royalty rights in development stage or commercial biopharmaceutical products and licensing our technology to help partners discover and develop medicines. We partner with other pharmaceutical companies to attempt to leverage what they do best (late-stage development, regulatory management and commercialization) in order to generate our revenue. We operate two infrastructure-light royalty generating technology IP platform technologies. Our Captisol® platform technology is a chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Our NITRICIL™ platform technology facilitates tunable dosing, permitting an adjustable drug release profile to allow proprietary formulations that target a broad range of indications. We have established multiple alliances, licenses and other business relationships with the world's leading pharmaceutical companies including Amgen, Merck, Pfizer, Jazz, Gilead Sciences and Baxter International. For more information, please visit Follow Ligand on X and LinkedIn. We use our investor relations website and X as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should monitor our website and our X account, in addition to following our press releases, SEC filings, public conference calls and webcasts. Forward-Looking Statements This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Ligand and Pelthos' current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as 'plans,' 'believes,' 'expects,' 'anticipates,' and 'will,' and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) our belief that investors should feel encouraged that Pelthos has a strong development path towards successfully launching drugs with considerable market opportunities, (ii) the timing of clinical and regulatory events of us and our partners, (iii) the timing of the initiation or completion of preclinical studies and clinical trials by us and our partners, (iv) the timing of product launches, including ZELSUVMI, (v) guidance regarding projected financial results for 2025 and beyond, (vi) the anticipated benefits of the merger between Pelthos and Channel and (vii) the combined company's opportunities, strategy and plans following the merger. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to there being no guarantee that the trading price of the combined company's Common Stock will be indicative of the combined company's value or that the combined company's Common Stock will become an attractive investment in the future; we may rely on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; we and our partners may not be able to timely or successfully advance any product(s) in our internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law. ContactsInvestors:Melanie Hermaninvestors@ 550-7761 Media: Kellie Walshmedia@ (914) 315-6072 1 Please see ZELSUVMI™ (berdazimer) topical gel full prescribing information available at for important safety information or US Census Bureau. QuickFacts: United States.2022. 3 Hebert AA, et al. J Clin Aesthet Dermatol. 2023 Aug;16(8 Suppl 1):S4-S11Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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17-04-2025
- Business
- Yahoo
Ligand Subsidiary Pelthos Therapeutics to Combine with Channel Therapeutics
Proposed transaction will raise $50 million in equity capital and enhance a publicly traded biopharmaceutical company focused on launching Pelthos' ZELSUVMI™ ZELSUVMI is an FDA-designated novel drug and the first and only prescription medication approved for the treatment of Molluscum contagiosum infections administered at home by parents, patients, and caregivers Ligand is entitled to a 13% royalty on worldwide sales of ZELSUVMI Transaction is expected to close in the summer of 2025 JUPITER, Fla. and FREEHOLD, N.J., April 17, 2025 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated ('Ligand') (Nasdaq: LGND) and Channel Therapeutics Corporation ('Channel') (NYSE American: CHRO), a pioneer in the development of non-opioid pain treatment therapeutics, today announced the signing of a definitive merger agreement to combine Ligand's wholly owned subsidiaries, Pelthos Therapeutics Inc. and LNHC, Inc. (collectively 'Pelthos') with CHRO Merger Sub Inc., a wholly owned subsidiary of Channel. The merger will be supported by $50 million in capital raised from a group of strategic investors led by Murchinson ('Investor Group'). Upon completion of the transaction, the combined company will operate under the name Pelthos Therapeutics Inc. and trade on the NYSE American exchange under the ticker PTHS. The combined company will initially focus on accelerating the commercialization of Pelthos' ZELSUVMI™ (berdazimer) topical gel, 10.3%, for the treatment of Molluscum contagiosum infections ('molluscum') in adults and pediatric patients one year of age and older.1 ZELSUVMI was approved by the U.S. Food and Drug Administration (FDA) in 2024 and is the first and only prescription therapy for molluscum infections approved for use at home by patients, parents, and caregivers. The combined company will also retain Channel's existing NaV 1.7 development programs for the treatment of various types of chronic pain, acute and chronic eye pain, and post-surgical nerve blocks. An update on Channel's animal efficacy study for its eye pain program will be forthcoming. 'This transaction presents a compelling opportunity to launch a commercial-ready product, with significant financial backing from Murchinson, that has the potential to deliver both near and long-term value to our shareholders,' said Todd Davis, CEO of Ligand. 'We executed a complex restructuring to acquire the Pelthos assets, incubated the technology that became ZELSUVMI, achieved FDA approval for this first-in-class medication, and assembled a world-class team, to bring this therapy to market. Our ability to identify highly differentiated assets and execute customized transactions to maximize their value with equity and royalty rights distinguishes Ligand's business model and value creation strategy.' Frank Knuettel II, CEO of Channel Therapeutics, commented, 'We are very excited about the merger with Pelthos. We have performed extensive due diligence on the ZELSUVMI market opportunity and their team and operations, and we believe this is an extraordinary opportunity for current Channel shareholders. Strategically, it provides the potential for near-term revenue generation from an FDA-approved drug, the opportunity to advance Channel's existing NaV 1.7 programs, and expanded capitalization from strong, long-standing investors.' Molluscum contagiosum is a poxvirus and one of the most common skin infections seen by dermatologists, pediatric dermatologists, and pediatricians, afflicting an estimated 16.7 million people in the United States. 2,3 Molluscum infections spread to others through contact with infected persons or contaminated objects like towels, toys, furniture, swimming pools, and other surfaces. Children are the most vulnerable to molluscum infections. Adults with weakened immune systems or who are sexually active with a molluscum-infected partner are also particularly vulnerable. Molluscum infections present with raised, flesh-colored or red bumps that can appear anywhere on the body, including the face, hands, trunk, genitals, back of the knees, armpits, and other sensitive areas. People with molluscum may suffer discomfort from itching, secondary bacterial infections from scratching, or atopic dermatitis, as well as immense social stigma from having visible molluscum lesions, which typically last for months and frequently last for years. Scott Plesha, CEO of Pelthos, added, 'There is a significant unmet medical need for an easy-to-use, safe, and efficacious treatment option for molluscum that can be applied by patients, parents, or caregivers at home via prescription. We believe ZELSUVMI will complement pediatric and adult dermatologists', general pediatricians', and all other health care providers' current efforts to treat molluscum while reducing the need for repeated invasive in-office procedures and the associated wait times needed to treat this highly infectious disease. Having commercialized both dermatology and pain management products, I am excited to lead the combined company into this next growth phase.' Transaction Details Under the terms of the merger agreement, Channel will acquire 100% of the issued and outstanding equity interests of Pelthos, and will change its name to Pelthos Therapeutics Inc. In connection with the transaction, Ligand has agreed to invest $18 million in the combined company and the Investor Group has agreed to invest $32 million for a total of $50 million. Upon completion of the transaction, Mr. Plesha will become CEO of the combined company and Mr. Knuettel will become CFO. The Board of Directors will consist of Mr. Plesha, two independent directors, Peter Greenleaf and Matt Pauls, two board members appointed by Ligand, and an additional two independent directors who are reasonably acceptable to Murchinson, both of whom are current Channel board members. The transaction is expected to close in the summer of 2025, subject to customary closing conditions. AdvisorsLatham & Watkins LLP is serving as lead counsel to Ligand. Raymond James & Associates, Inc. is serving as financial advisor to Ligand and Pelthos. Sullivan & Worcester LLP is serving as Channel's legal counsel. Kelley Drye & Warren LLP represented Murchinson. About ZELSUVMI™ (berdazimer) topical gel, 10.3%ZELSUVMI (berdazimer) topical gel, 10.3% is a nitric oxide (NO) releasing agent indicated for the topical treatment of Molluscum contagiosum in adults and pediatric patients one year of age and older. ZELSUVMI received a novel drug designation from the U.S. Food and Drug Administration in 2024 and is the first and only approved topical prescription medication that can be applied by patients, parents, or caregivers at home, outside of a physician's office, or other medical setting to treat this highly contagious viral skin infection. The product was developed using Pelthos' proprietary nitric oxide-based technology platform, NITRICIL™. Ligand acquired the rights to ZELSUVMI and all the assets related to the NITRICIL technology platform from Novan, Inc. in September 2023. Complete prescribing information and important safety information is available at About Pelthos Therapeutics Pelthos Therapeutics is a biopharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help patients with unmet treatment burdens. The company's lead product ZELSUVMI™ (berdazimer) topical gel, 10.3%, for the treatment of Molluscum contagiosum, was approved by the U.S. Food and Drug Administration in 2024. In addition to ZELSUVMI, Pelthos has a pipeline of potential product candidates that utilize its proprietary nitric oxide-based technology platform, NITRICIL™. Pelthos is a subsidiary of Ligand Pharmaceuticals and will remain so until the completion of the transaction. More information is available at Follow Pelthos on LinkedIn and X. About Murchinson Founded by Marc J. Bistricer in 2012, Murchinson seeks to identify and invest in high-value opportunities across global markets. The firm leverages a disciplined, patient, and innovative investment approach to uncover value. Murchinson seeks to identify undervalued assets and opportunities in complex, evolving industries—particularly where innovation, regulatory shifts, and strategic changes create the potential for significant value creation. The firm is committed to generating superior, risk-adjusted returns by focusing on investments that have strong underlying fundamentals, operational improvement potential, and sustainable growth drivers. Learn more at About Channel Channel Therapeutics Corporation is a clinical-stage biotechnology company focused on developing and commercializing novel, non-opioid, non-addictive therapeutics to alleviate pain. Channel's initial clinical focus is to selectively target the sodium ion-channel known as NaV1.7 for the treatment of various types of chronic pain, acute and chronic eye pain and post-surgical nerve blocks. For company updates and to learn more about Channel, visit or follow us on social media. About Ligand PharmaceuticalsLigand is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing our technologies or both. Our business model seeks to generate value for stockholders by creating a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable and diversified manner. Our business model is based on funding programs in mid- to late-stage drug development in return for economic rights, purchasing royalty rights in development stage or commercial biopharmaceutical products and licensing our technology to help partners discover and develop medicines. We partner with other pharmaceutical companies to attempt to leverage what they do best (late-stage development, regulatory management and commercialization) in order to generate our revenue. We operate two infrastructure-light royalty generating technology IP platform technologies. Our Captisol® platform technology is a chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Our NITRICIL™ platform technology facilitates tunable dosing, permitting an adjustable drug release profile to allow proprietary formulations that target a broad range of indications. We have established multiple alliances, licenses and other business relationships with the world's leading pharmaceutical companies including Amgen, Merck, Pfizer, Jazz, Gilead Sciences and Baxter International. For more information, please visit Follow Ligand on X and LinkedIn. We use our investor relations website and X as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should monitor our website and our X account, in addition to following our press releases, SEC filings, public conference calls and webcasts. Forward-Looking Statements This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Ligand and Channel's current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as 'plans,' 'believes,' 'expects,' 'anticipates,' and 'will,' and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) our belief that investors should feel encouraged that Pelthos has a strong development path towards successfully launching drugs with considerable market opportunities, (ii) the timing of clinical and regulatory events of us and our partners, (iii) the timing of the initiation or completion of preclinical studies and clinical trials by us and our partners; (iv) the timing of product launches, including ZELSUVMI; (v) guidance regarding projected financial results for 2025 and beyond, and (vii) the timing and likelihood of closing the merger between Pelthos and Channel, and (vii) the listing of the combined company on the NYSE American, (viii) the anticipated benefits of the merger between Pelthos and Channel and (ix) the combined company's opportunities, strategy and plans following the merger. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to there being no guarantee that the trading price of the combined company's Common Stock will be indicative of the combined company's value or that the combined company's Common Stock will become an attractive investment in the future; we may rely on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; we and our partners may not be able to timely or successfully advance any product(s) in our internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law. No Offer or Solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Contacts For Ligand/Pelthos:Investors:Melanie Hermaninvestors@ (858) 550-7761 Media:Kellie Walshmedia@ 315-6072 For Channel: Investors/Media:Mike MoyerManaging Director, LifeSci Advisors, LLCmmoyer@ For Murchinson:Longacre Square PartnersDan Zacchei / Ashley Areopagitamurchinson@ 1 Please see ZELSUVMI™ (berdazimer) topical gel full prescribing information available at for important safety information or US Census Bureau. QuickFacts: United States.2022. 3 Hebert AA, et al. J Clin Aesthet Dermatol. 2023 Aug;16(8 Suppl 1):S4-S11
