Hepion Pharmaceuticals enters binding LOI with New Day Diagnostics

Hepion Pharmaceuticals (HEPA) announced that it has entered into a binding letter of intent, LOI, with New Day Diagnostics LLC to in-license diagnostic tests for celiac disease, respiratory multiplex, helicobacter pylori and hepatocellular carcinoma. The celiac, respiratory multiplex and H. pylori tests have CE marks and are eligible to be sold in Europe at the present time. The diagnostic tests covered under the LOI represent a combined addressable market exceeding $15 billion. John Brancaccio, Executive Chairman and Interim Chief Executive Officer of Hepion expressed his enthusiasm about this licensing opportunity: “The CE marked tests provide Hepion with the ability to generate near term revenues in European Union countries by leveraging the existing distributor network relationships that New Day Diagnostics has established. We are excited by this opportunity and look forward to working with New Day to maximize value.”