Windtree Therapeutics has signed an agreement for the sale of its cardiovascular drug candidates to Seismic Pharmaceutical Holdings.

The company is entitled to 20 percent of any future proceeds received by SPH. This would include global commercial net revenue in Acute Heart Failure (AHF) if approved by regulatory authorities. There were 2.1 and 2.7 million AHF hospital admissions in 2022 in the US and EU respectively. The company believes that the AHF global drug market value is in the billions of dollars. If the buyer conducts a financing of at least USD 10 million to fund development of the assets, Windtree would receive a payment of USD 700k from the proceeds.

Additionally, as part of the agreement, the company will transfer certain cardiovascular drug candidate development payables to SPH.

“We are pleased to have the rights for 20 percent of future proceeds for the cardiovascular drug candidates, non-dilutive cash contingent on a future financing of at least USD 10 million and the transfer of substantial development payables to the buyer. We are proud of the work Windtree has done to develop the drug candidates and to enter into an agreement where there is no more obligation for our company to fund development while receiving rights to potentially significant future payments from proceeds. Additionally, patients and providers need AHF drug innovation and we believe these drug candidates represent innovation,” said Jed Latkin, Chief Executive Officer, Windtree.