DOR BioPharma extends exclusivity period to buy Gastrotech to Jan. 15

By Ted A. Knutson

Washington, Jan. 3 - DOR BioPharma, Inc. said Tuesday it extended a binding letter of intent and an exclusivity period to acquire Gastrotech Pharma A/S to Jan. 15.

Upon closing the acquisition, DOR will issue to Gastrotech stockholders $9 million in shares of DOR stock priced at the 10-day volume-weighted average price immediately prior to the close of the transaction.

A majority of DOR shareholders must approve the transaction.

DOR BioPharma is a Miami biopharmaceutical company. Its lead product, orBec, is for the treatment of intestinal graft-versus-host disease, a common serious complication of bone marrow transplantation for cancer.

Copenhagen-based Gastrotech is a private biotechnology company that develops therapeutics based on peptide hormones to treat cancer and gastrointestinal diseases and conditions.

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