MONTREAL and NEW YORK, Aug. 6, 2015 /PRNewswire/ -- Knight Therapeutics Inc. (TSX: GUD) ("Knight"), a leading Canadian specialty pharmaceutical company and Ember Therapeutics, Inc. ("Ember"), a privately held, New York-based biotechnology company developing targeted therapies for osteoarthritis, kidney fibrosis and other indications using Bone Morphogenetic Protein (BMP)-7 announced today that Knight has extended a secured loan of US$1 million and may provide additional equity commitments to Ember valued up to US$5 million. In addition, Knight has entered into an exclusive distribution agreement with Ember, a cutting-edge U.S.-based biopharmaceutical company, to commercialize its promising Bone Morphogenetic Protein-7 ("BMP-7") pipeline in Canada and select international markets.
Joseph Hernandez, Executive Chairman of Ember's Board of Directors, commented, "In Knight, we have found the perfect financial and strategic partner to ensure Ember realizes its goal of addressing the large unmet therapeutic needs of patients suffering from osteoarthritis and fibrotic diseases."
"We are thrilled to partner with Ember, a fiery company seeking to unleash the powerful biology of BMP-7," said Jonathan Ross Goodman, President and CEO of Knight.
About Ember Therapeutics Inc.
Ember Therapeutics Inc. is a clinical stage biopharmaceutical company whose primary focus is on utilizing Bone Morphogenetic Protein-7 to catalyze cartilage regeneration for disease modification of Osteoarthritis (OA) and the inhibition and reversal of organ fibrosis in diseases such as Chronic Kidney Disease (CKD) and Alport Syndrome. For more information, please visit www.embertx.com.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight's shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the Company's web site at www.gud-knight.com or www.sedar.com.
SOURCE Ember Therapeutics Inc.