Dallas-based Financial Strategies Acquisition Corp. has acquired Texas-based preclinical pharmaceutical company Austin Biosciences Corp.
Financial Strategies is a special purpose acquisition company led by CEO Alexander V. Schinzing. It said that upon the deal’s closing, Austin Biosciences will become a wholly owned subsidiary of the company.
Earlier this month, Financial Strategies announced that its board approved an extension of the period of time available to consummate the deal by one month from Feb. 14 to March 14. The company said the purpose of the extension is to provide additional time to complete its initial business combination.
Schinzing will serve as chairman and Dr. Burgi-Krishnamurthy will serve as chief executive officer of Austin Biosciences.
“Austin Biosciences patent-protected technology is designed to improve therapies to treat cancer. The drug can cross the blood brain barrier and actively target cancer cells, reducing human suffering and saving lives. We are looking forward to becoming part of this exciting future,” Schinzing said in a statement.
“The business combination of Financial Strategies Acquisition Corp. and Austin Biosciences allows us to advance the preclinical development of our platform technology, to add significant experience to the Austin Biosciences board of directors and to access high-quality institutional investors,” Burgi-Krishnamurthy said in a statement.
Austin Biosciences is a preclinical pharmaceutical company with multiple, proprietary product candidates derived from an innovative nanotechnology-based approach to drug development.
The company said that approach strives to enhance the bioavailability, effectiveness and reduce the toxicity of crucial FDA-licensed pharmaceutical API (Active Pharmaceutical Ingredients).
Austin Biosciences said its product candidates seek to improve existing licensed product into safer and more effective drug therapies.
Product candidates focus upon the development of improvements to existing FDA approved cancer treatment therapies to make them more bioavailable, less toxic and more soluble, the company said.
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