By Colin Kellaher
GRI Bio shares tumbled to a 52-week low on Wednesday after the biotechnology company said it agreed to sell its Adair legacy asset to Aardvark Therapeutics for an initial $250,000.
Shares of the La Jolla, Calif., company were recently changing hands at $2.25, down 16%, after hitting a 52-week low of $2.10 earlier in the session.
GRI on Wednesday said it is eligible for up to $80 million in milestone payments from Aardvark, which plans to use the Adair formation technology for the development of certain follow-on pipeline programs.
Adair, a proprietary abuse-deterrent formulation of immediate release dextroamphetamine for the treatment of attention deficit hyperactivity disorder, is a legacy asset from GRI’s reverse merger with Vallon Pharmaceuticals, which closed in April.
Write to Colin Kellaher at [email protected]
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