60 Degrees Pharmaceuticals Inc. filed SEC Form 8-K: Other Events
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Item 8.01. Other Events.
On April 4, 2025, 60 Degrees Pharmaceuticals, Inc. (the “Company”) entered into an option agreement (the “Option Agreement”) with The Florida State University Research Foundation, Inc (“FSURF”), the owner of certain patent rights and other patent and technology rights (“Patent and Technology Rights”) relating to large scale purification of castanospermine.
Pursuant to the Option Agreement, FSURF granted the Company an exclusive, limited-term option to negotiate a royalty-bearing, exclusive license to such Patent and Technology Rights within defined fields of use (the “Option Rights”).
The option period commenced on April 4, 2025, and will continue for twelve months (the “Option Period”), unless terminated earlier upon execution of a license agreement or pursuant to the termination provisions in the Option Agreement. During the Option Period, the Company may use Patent and Technology Rights solely for evaluation purposes.
The Option Agreement also includes certain provisions relating to indemnification and termination rights. The Option Agreement and the Option Rights shall not be assignable, whether by operation of law or otherwise, and any attempt to do so shall be void.
The Company does not consider the Option Agreement to be material to its business or operations. As of the date of this Current Report on Form 8-K (this “Form 8-K), other than the limited right to use the Patent and Technology Rights solely for evaluation purposes, the Company has not been granted any exclusive license to the Patent and Technology Rights pursuant to a definitive license agreement.
Castanospermine is a bioactive alkaloid derived from the Australian Chestnut tree (Castanospermum australe). The Company has a long-standing intellectual property position around the development of a synthetic castanospermine derivative, celgosivir, for viral diseases. Moreover, extensive scientific literature suggests short-course botanically-derived castanospermine regimens may potentially beneficial metabolic and immunomodulatory effects. The development and commercialization route for botanical extracts is far more efficient and less costly than for prescription pharmaceuticals.
Given the new U.S. policy emphasis on health and wellness and the changing regulatory framework for pharmaceutical product approval, the Company intends to explore the safety, commercial and technical feasibility of commercializing non-prescription botanical extracts from Australian Chestnut trees. The Option Rights will preserve the Company’s exclusive opportunity to evaluate and potentially license the Patent and Technology Rights as it conducts its assessment over the next six to twelve months. Through prior agreements, the Company has at least 8.8 kgs of Australian Chestnut extract in inventory, should a decision be made to pursue commercialization of a new botanical product.
The information set forth under this Item 8.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Forward-Looking and Cautionary Statements
This Form 8-K contains “forward-looking” statements and information based on management’s current expectations as of the date of this document. Statements that are not historical facts, including statements about our beliefs, opinions or expectations and statements that assume or are dependent upon future events, are forward-looking statements. Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of our management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. These estimates or assumptions may prove to be incorrect. All forward-looking statements contained in this Form 8-K are qualified by these cautionary statements and are made only as of the date of this Form 8-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| 60 DEGREES PHARMACEUTICALS, INC. | ||
| Date: April 9, 2025 | By: | /s/ Geoffrey Dow |
| Name: | Geoffrey Dow | |
| Title: | Chief Executive Officer and President | |
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