Lucius Partners Portfolio Company Algorithm Sciences, Inc. Closes on the Creation of a Majority Owned Subsidiary – Infusyn Therapeutics
Infusyn Therapeutics will manufacture and supply the Prometra II pump currently serving the Pain and Spasticity markets
Secures long term supply agreement for the Prometra II pump used to deliver Pulmoprost, while increasing shareholder value
Deal significantly reduces the operating expenses of Algorithm Sciences and concentrates the parent company’s efforts towards pursuit of an IND for Pulmoprost
NEW YORK, June 27, 2024 /PRNewswire/ –Lucius Partners, LLC today announced that its portfolio company, Algorithm Sciences, Inc. (Algorithm), has closed on the creation of a majority owned subsidiary, Infusyn Therapeutics.
Infusyn Therapeutics will manufacture and supply the Prometra II infusion pump, currently approved in chronic pain and spasticity markets. With renewed focus on building inventory and streamlining sales efforts, leadership anticipates this business to be cashflow positive within an 18-month timeframe. Infusyn Therapeutics will also seek to partner with companies developing programs similar to Pulmoprost, i.e., proprietary drug/device combinations, in other indications. The Company is also free to seek an expansion of approvals for the Prometra II infusion pump in ex-US jurisdictions.
“This deal also marks the achievement of an ironclad supply agreement for the Prometra II pump. This ensures Algorithm’s ongoing access to a key component of Pulmoprost, the company’s lead candidate for the treatment of Pulmonary Arterial Hypertension (PAH),” said CEO of Algorithm Sciences, Mike Tilton.
Going forward, Algorithm will remain focused on development of Pulmoprost in PAH, now significantly less encumbered by operating expenses. Opening an IND would allow Algorithm to begin its single registrational trial, in accordance with the FDA’s Special Protocol Assessment with the company.
James Ahern, Managing Partner at Laidlaw & Company (UK) and Founder of Lucius Partners added, “Led by Mike Tilton, the Algorithm team’s ability to execute this strategic transaction and secure financing is a testament to their capabilities as dynamic operators. In a world today where it is imperative in healthcare to evolve into a later stage de-risked opportunity to obtain capital, the execution of this transaction marches down that path. Algorithm can count on our continued support as a Lucius Partners portfolio company, we are looking forward to what the future holds.”
Contact:
David Cavalier, COO/CFO
Algorithm Sciences, Inc.
david@algo-sci.com
Matthew Duffy
Managing Partner
Lucius Partners, LLC
mduffy@luciuspartnersllc.com
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SOURCE Lucius Partners, LLC
