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Entero Therapeutics Signs Letter of Intent to License and Commercialize Remote Patient and Machine Vision Clinical Trial Management Platform from Data Vault Holdings
BOCA RATON, Fla., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Entero Therapeutics, Inc., (NASDAQ:ENTO), ("Entero Therapeutics" or the "Company"), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced its entry into a binding letter of intent (the "Letter of Intent") with Data Vault Holdings, Inc. ("Data Vault"), a privately held technology holding company, to exclusively license two technology product suites owned by Data Vault -- QOLPOM® and FotoDigm® (the "Proposed Transaction"). Entero Therapeutics will work with Data Vault before and after the closing of the Proposed Transaction to secure funding for the customization of this clinical trial compliance software that includes a focus on the use of DigitalTwins and high-performance computing. In parallel, Entero Therapeutics plans to develop applications for its own near-term use with gastrointestinal (GI) clinical trials beginning with the planned Phase 3 trial for latiglutenase for the treatment of celiac disease.
Under the terms of the Letter of Intent, Entero Therapeutics, upon execution of a definitive agreement, would receive an exclusive, global license to pilot the technology platform in Entero Therapeutics' clinical trials, and to develop and commercialize Data Vault's QOLPOM® and FotoDigm® patented pharmaceutical regime compliance software for use in clinical trials with third-parties in the pharma and biotech sectors. In consideration, Entero Therapeutics will issue to Data Vault shares of the Company's convertible preferred stock priced at a premium to the market and single digit revenue sharing royalties on net sales. The Proposed Transaction is expected to close by the end of September, and the entry into definitive documentation will be conditioned upon fulfillment requirements of no less than $500K of strategic investment into Entero Therapeutics (the "Strategic Investment"), with a target of ultimately securing up to $3 million of further strategic investment with Data Vault's assistance. The terms of the Proposed Transaction provide for Data Vault to support the Company's pursuit of the Strategic Investment. The Strategic Investment would provide Entero Therapeutics with access to both capital and technology for a pilot program and the initiation and potential improvement of the Company's future clinical trials.
Under the terms of the Letter of Intent, Entero Therapeutics, upon execution of a definitive agreement, would receive an exclusive, global license to pilot the technology platform in Entero Therapeutics' clinical trials, and to develop and commercialize Data Vault's QOLPOM® and FotoDigm® patented pharmaceutical regime compliance software for use in clinical trials with third-parties in the pharma and biotech sectors. In consideration, Entero Therapeutics will issue to Data Vault shares of the Company's convertible preferred stock priced at a premium to the market and single digit revenue sharing royalties on net sales. The Proposed Transaction is expected to close by the end of September, and the entry into definitive documentation will be conditioned upon fulfillment requirements of no less than $500K of strategic investment into Entero Therapeutics (the "Strategic Investment"), with a target of ultimately securing up to $3 million of further strategic investment with Data Vault's assistance. The terms of the Proposed Transaction provide for Data Vault to support the Company's pursuit of the Strategic Investment. The Strategic Investment would provide Entero Therapeutics with access to both capital and technology for a pilot program and the initiation and potential improvement of the Company's future clinical trials.
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