Panbela Therapeutics Inc PBLA shares are trading higher after the company divested certain assets in its eflornithine pediatric neuroblastoma program to US WorldMeds 1 (USWM), a Kentucky-based specialty pharmaceutical company.
Under the terms of the agreement, Panbela is entitled to receive up to approximately $9.5 million in non-dilutive funding in exchange for the sale of certain assets within its pediatric neuroblastoma program for eflornithine.
Panbela will receive payments upon USWM's successful completion of milestones related to eflornithine's clinical development, regulatory approval, and commercial sales.
"Divesting eflornithine assets for pediatric neuroblastoma is another milestone in executing our business plan to generate long-term value for our shareholders. US WorldMeds' existing focus in neuroblastoma makes them an ideal company to further its clinical development in that indication," said Jennifer K. Simpson,, MSN, CRNP, President & Chief Executive Officer of Panbela.
Price Action: PBLA shares are up 24.90% at $2.59 on the last check Wednesday.
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