Nuvelo, Inc. (NASD: NUVO), a privately held biopharmaceutical company developing genetically targeted therapies for heart failure and other cardiovascular diseases, announced that the company has entered into a definitive merger agreement with ARCA Biopharma, Inc. The merger of the two companies is expected to create a biotechnology organization with a near-term commercial opportunity named Gencaro (bucindolol hydrochloride), as well as a mid-stage pipeline asset (a novel, short-acting anticoagulant NU172) to drive long-term growth.
Dr. Ted W. Love, chairman and chief executive officer of Nuvelo, commented on the merger stating, “We believe this combination brings both immediate and longer-term value to our stockholders. After thorough review of numerous options, we chose to merge with ARCA because it enables us to transform ourselves into a late-stage company with multiple significant milestones and a near-term commercialization opportunity, backed by a promising cardiovascular pipeline.”
Gencaro is a genetically-targeted beta-blocker with unique vasodilating properties for the treatment of heart failure. The New Drug Application (NDA) for Gencaro has been accepted for review by the U.S. Food and Drug Administration (FDA) with a PDUFA date of May 31, 2009. Pending a positive regulatory decision, ARCA expects to commercialize Gencaro in the first half of 2010. NU172 is a short-acting anticoagulant that is being tested as a potential new therapy in indications where heparin and protamine are the current standard of care. A Phase II trial is expected to begin in the fourth quarter of 2008.
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