Louisville-based Pier Pharmaceuticals Inc., a company developing treatment for sleep apnea, has been acquired by Cortex Pharmaceuticals of Irvine, Calif, the companies announced Tuesday.
Pier will become a wholly-owned subsidiary of Cortex, effective immediately, according to the companies. The merger was an all-stock transaction.
The companies said the merger will bring together a series of drug products that in preclinical animal models and early clinical studies have shown to be effectual in preventing or reversing drug-induced respiratory depression and in reducing obstructive sleep apnea.
The companies said that they are conducting studies on drugs of both Pier and Cortex. Funding for the studies include a grant of nearly $5 million from the National Institute of Health.
“Going forward, the company will be entirely focused on treatments for brain-controlled breathing disorders, and will have multiple opportunities for value-generating milestones” with the drugs, the statement said.
Peter W. Letendre, former chief executive and president of Pier said that the merger of Pier with Cortex “provides a compelling and unique opportunity to form a unified company that is singularly focused on brain-controlled breathing disorders.
“The merged company will address a collective group of markets that desperately need effective and improved pharmacological options for their medical management,” said Letendre.
Mark Varney, chief executive of Cortex, said the merger will bring together assets “with a focus on the highly unmet medical area of brain-controlled breathing disorders.
“Not only are the consequences of these breathing disorders dangerous but they also represent extremely large commercial market opportunities,” said Varney.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or
