After the debut of its product, shares of Altamira Therapeutics Ltd. (NASD: CYTO) were up 2.65% at $5.80 as of the most recent check in after-hours trading.
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What new item has CYTO introduced?
Nuance Pharma, a licensee and distribution partner of Altamira Therapeutics (CYTO), has introduced its Bentrio nasal spray in Hong Kong. In Hong Kong, Bentrio is being sold as a supplement for allergy relief and defense against airborne viruses. With 7.3 million inhabitants and a land area of roughly 1,104 square kilometers, Hong Kong is one of the world’s most densely inhabited cities.
Earlier this year, Mainland China, Hong Kong, Macao, and South Korea were covered by an exclusive Bentrio license and distribution deal between Altamira Therapeutics and Nuance. In addition to future development and commercial milestone payments of up to $3 million and up to $19.5 million, respectively, the deal included a one-time payment of $1 million to CYTO.
When specific benchmarks are met, Nuance will take over local Bentrio manufacturing in the licensed region and pay CYTO a staggered royalty that ranges from a high single-digit to a low double-digit percentage. At CYTO’s urging, Nuance Pharma made the initial move to introduce Bentrio to the prospective Chinese market.
Hong Kong’s daily life is still being badly influenced by COVID-19, and CYTO thinks that Bentrio, with its triple mode of action, provides a secure and reliable way to bolster defenses against dangerous airborne particles. Additionally, CYTO committed to collaborating with Nuance Pharma to seek Bentrio’s marketing authorization in Macao, mainland China, and South Korea in 2023.
Other plans CYTO has for Bentrio
Altamira Therapeutics (CYTO) is hopeful that it will be able to secure a deal to sell or collaborate with another company its Bentrio nasal spray for important markets in North America and Europe by year’s end. CYTO decided to sell some or all of its therapeutic inner ear programs to a European family office last month. CYTO anticipates the deal to close in December after a brief delay and with slightly altered terms.
