As part of this process. the company is considering acquiring or licensing life sciences technologies that can be added to its existing pipeline.
It is specifically looking for products that it can repurpose into oral sprays or products that are complementary to its portfolio of cancer and central nervous system (CNS) treatments such as immune-oncology assets or medications for migraine and insomnia.
Chief executive officer Michael Baker said the company was on the look-out for deals globally, but with specific interest in the US, Europe and Australia, Acuris Mergermarket reports.
$3.5 million entitlement offer
The company launched a $3.5 million entitlement offer to existing shareholders, which closes on Thursday, after calling off a proposed licensing deal pertaining to a cancer therapy technology from a leading cancer research institute.
This transaction may have resulted in the ASX declining its readmission, resulting in SUDA deciding against proceeding with both the deal and the accompanying capital raising.
Baker said the $3.5 million funds raised in the entitlement offer to existing shareholders would go towards financing any potential deals, general working capital, as well as pay for the development of its existing pipeline.
This includes its anagrelide and the remaining OroMist assets.
Pipeline and new products
Given the decision not to move forward with the US oncology deal, SUDA has decided to continue to develop its existing technology in the oncology space.
It will also continue to progress its short-term insomnia treatment, ZolpiMist, for which the company this week received Therapeutics Goods Administration (TGA) approval for registration.
SUDA will continue to pursue the development of products together with partners Sanofi SA (NASDAQ:SNY) (EPA:SAN) Strides Pharma Global, Laboratorios Ordesa, Zelira Therapeutics (ASX:ZLD) (OTCMKTS:ZLDAF) (FRA:G1G) and Cann Pharmaceutical Australia.