Veru sells FC2 business to focus on enobosarm
Veru Inc., a late clinical stage biopharmaceutical company focused on developing innovative medicines for preserving muscle for high quality weight loss, oncology, and viral induced acute respiratory distress syndrome, announced that it has sold its FC2 Female Condom (Internal Condom) business to clients managed by Riva Ridge Capital Management LP, a New York City-based investment management firm as well as other co-investors, for $18 million, subject to adjustment as set forth in the purchase agreement
“The monetization of the FC2 business allows Veru to be a pure biopharmaceutical company focusing its additional nondilutive resources on the execution and development of its promising late-stage clinical drug pipeline,” said Mitchell Steiner, M.D., Chairman, President, and Chief Executive Officer of Veru Inc. “We are excited about the Company’s successful strategic evolution to the treatment of cardiometabolic diseases with a fully enrolled Phase IIb QUALITY clinical trial evaluating enobosarm to preserve muscle and augment fat loss for a higher quality weight loss in patients receiving Wegovy, a GLP-1 receptor agonist. We are expecting topline clinical results for this study in January 2025.” As a result of the sale of the FC2 business, including the transfer of its UK and Malaysian based subsidiaries, Veru’s headcount will be reduced by approximately 90% from 210 to 22.
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