Althea acquires Altus' assets, IP portfolio

Althea Technologies has acquired the assets and IP portfolio of Altus Pharmaceuticals including Altus' Cross Linked Enzyme Crystal (CLEC®) and controlled release injectable technologies. Applications of this protein crystal technology range from therapeutics to protein purification and catalysis. The controlled release injectable technology involves protein crystallization and complexation using customized manufacturing equipment installed at Althea.

The assets also encompass a portfolio of product candidates based on these technologies which includes a seven day controlled release growth hormone injectable which has completed a phase 2 clinical trial. Althea plans to enter into licensing discussions for these product candidates.

Says Shabbir Anik, Althea Technologies CEO, "We expect multiple applications for a broad range of proteins, peptides and vaccines addressing the need for controlled release, high concentration formulations, and stability."

Altus had filed for bankruptcy in November of last year. In its filing, under Chapter 7 of the US Bankruptcy Code, the seven-year-old company, which had found it difficult to raise cash during the economic downturn, listed both assets and debts of between $1 million and $10 million.

- see Althea's release