Dor BioPharma ends agreement with Gastrotech

By Lisa Kerner

Erie, Pa., Feb. 6 - Dor BioPharma, Inc. has advised Gastrotech Pharma A/S that it was not renewing the previously announced letter of intent with Gastrotech, according to a news release.

The letter of intent, which expired according to its terms on Jan. 15, provides for a $1 million break-up fee if one party notifies the other of its intention not to proceed with the transaction.

Dor maintains it does not owe Gastrotech such a fee.

Additional details were not provided. The notice by Dor was filed in a form 8-K filed with the Securities and Exchange Commission on Jan. 26.

Dor is a biopharmaceutical company based in Miami.

Gastrotech, based in Copenhagen, Denmark, focuses on the medical applications of gastrointestinal hormones.

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