NEWTON, Mass.--(BUSINESS WIRE)--ColonaryConcepts, LLC today announced the sale of its proprietary colonoscopy preparation assets to an undisclosed specialty pharmaceutical company that specializes in gastrointestinal health. The acquirer has secured worldwide rights to the unique colon prep technology, which integrates active ingredients into nutritionally balanced bars and beverages, with a goal of improving patient experience. Terms of the transaction were not disclosed.
ColonaryConcepts, LLC continues to pursue the development of the balance of its patient-friendly technology platform, including novel approaches to treating various types of constipation. The company is currently conducting a Phase 1b clinical trial with its lead product formulation in patients with chronic idiopathic constipation (CIC).
Herbert Stern, Chief Executive Officer of ColonaryConcepts commented, “This transaction with an experienced GI-focused company will enable a significant acceleration in the development and commercialization of our novel and paradigm-shifting approach to colorectal cancer screening. We remain convinced that millions of patients will benefit from the advance in colonoscopy prep that ColonaryConcept’s team has developed, and are delighted that our partners are committed to propelling this technology forward.
“This event also brings substantial non-dilutive capital to ColonaryConcepts, which will enable us to advance other products from our patient-friendly technology platform, initially focused on innovative new treatments for various types of constipation.”
Outcome Capital, LLC served as exclusive financial advisor to ColonaryConcepts in the transaction.
About ColonaryConcepts, LLC
ColonaryConcepts, LLC, headquartered in Newton, MA, is committed to developing patient-centric innovations that improve gastrointestinal health. The company currently has one product candidate in clinical development: C-Bar™, a novel treatment for chronic constipation, which is currently being studied in a Phase 1b clinical trial. ColonaryConcepts’ physician-led product development team includes Board-certified gastroenterologists, food scientists, pharmaceutical development experts, culinary research chefs, and product design strategists. For more information about ColonaryConcepts, LLC, please visit www.colonaryconcepts.com.