3Legs Resources plc Investment in SalvaRx Limited (6086A)
30 September 2015 - 4:00PM
UK Regulatory
TIDM3LEG
RNS Number : 6086A
3Legs Resources plc
30 September 2015
3Legs Resources plc
("3Legs" or "the Company")
Investment in SalvaRx Limited
The Company is pleased to announce it has subscribed GBP215,000
for new shares in SalvaRx Limited ("SalvaRx"), a company owned by
Jim Mellon and Dr Greg Bailey, which owns 60.5 per cent. of iOx
Therapeutics Limited ("iOx"), a new company which is developing a
series of compounds for cancer immunotherapy. Mr Mellon and Dr
Bailey are also subscribing GBP215,000 for new shares in SalvaRx on
the same terms. 3Legs holds 11.1 per cent. of the enlarged share
capital of SalvaRx following the investment.
iOx's technology is based on a discovery by Professor Vincenzo
Cerundolo MD, PhD, the Director of the Human Immunology Unit at the
Weatherall Institute of Molecular Medicine at Oxford University and
supported by the Ludwig Institute for Cancer Research. Its
compounds stimulate invariant natural killer T cells, and
preclinical testing in several cancer models suggest the compounds
can inhibit the growth of tumours.
SalvaRx has a strong management team with considerable
experience in the field of cancer immunology. It is being led by
Ian Walters, MD, who is a veteran oncology drug developer, formerly
of Bristol-Myers Squibb, where he managed physicians overseeing the
international development of several oncology compounds and was
also a core member of the Strategic Transactions Group, which
evaluated and executed licencing agreements and the company's
immunotherapy strategy. Ian is joined by SalvaRx's Chief Scientific
Officer, Rob Kramer, PhD, who was Global Head of Oncology Discovery
Research at Bristol-Myers Squib and Jansen Pharmaceuticals.
Together, the team have contributed to the development of over 30
drugs, including blockbuster cancer immunotherapies Yervoy(R)
(ipilimumab) and Opdivo(R) (nivolumab).
Dr Walters commented, "The SalvaRx team welcome the investment
from 3Legs as helping us execute on our business model of
identifying, developing, and financing novel therapeutics that
stimulate the immune system to fight cancer. The team are eager to
build on the iOx investment by adding additional products or
companies."
Richard Armstrong, the Company's Chairman, added, "The
particular area on which SalvaRx is focused has recently attracted
considerable interest as an approach to the treatment of cancer and
the Board believes that this investment represents an exciting
development and is a first step in implementing the Company's new
investing policy."
Related Party Transaction
Jim Mellon and Greg Bailey are both Non-executive Directors of
3Legs and own, in aggregate, 29.9 per cent. of the Company's issued
share capital. They are also Directors of SalvaRx and own 50 per
cent. each of its issued share capital. Consequently, the Company's
investment in SalvaRx constitutes a related party transaction under
the AIM Rules. The independent directors of 3Legs, being Richard
Armstrong and Colin Weinberg consider, having consulted Northland
Capital Partners Limited, the Company's Nominated Adviser, that the
terms of the transaction are fair and reasonable insofar as the
Company's shareholders are concerned.
Enquiries
3Legs Resources plc
Richard Armstrong Tel: 07787 500221
Colin Weinberg Tel: 07836 588504
Northland Capital Partners Limited Tel: 0207 382 1100
(Nominated Adviser and Broker)
Matthew Johnson / Edward Hutton (Corporate
Finance)
John Howes / Abigail Wayne (Corporate
Broking)
Peterhouse Corporate Finance Limited Tel: 0207 469 0934
(Joint Broker)
Lucy Williams / Duncan Vasey
This information is provided by RNS
The company news service from the London Stock Exchange
END
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