A dermatology-focused pharmaceutical company has completed its second deal in a month as part of its plan to strengthen its position in the chronic wound care market.
York Pharma Plc is to market Myskin and Cryoskin after buying the treatments as part of its takeover of Celltran, a Sheffield-based biotechnology company specialising in cell-derived injury care therapies.
This follows its acquisition of Flammazine and Flammacerium from Solvay Pharmaceuticals for €28.5 million (£22.8 million) at the beginning of October.
Celltran was sold by its administrator for £70,000. The terms of the agreement includes royalties to be paid on sales over the next five years or ten per cent of revenues in the same period.
York Pharma recently raised £510,000, before expenses, of working capital in an institutional placing led by FinnCap at 14.4 pence per share.
“The associated fundraising demonstrates continuing investor confidence in the market opportunity for these novel products and the ability of York Pharma to deliver new innovative treatments to the market,” York Pharma chief executive Terry Sadler said.
