TIDMSALV
RNS Number : 6781R
SalvaRx Group plc
25 September 2017
25 September 2017
SalvaRx Group PLC
Formation of Saugatuck Therapeutics and Oncomer
Key Appointments in SalvaRx Limited
SalvaRx Group PLC (the "Company") is pleased to announce that
its subsidiary, SalvaRx Limited ("SalvaRx"), has entered into an
agreement to form a joint venture with Immunova, LLC ("Immunova"),
a private, Delaware-domiciled biotechnology company focused on use
of nanolipogel (NLG) technology (the "Agreement"). NLG technology,
invented in the lab of Dr. Tarek Fahmy at Yale University, allows
different combinations of drugs to be encapsulated in a single
nanomedicine and delivered selectively to the tumor
microenvironment, thus potentially minimizing systemic
side-effects. This Agreement creates a new company named Saugatuck
Therapeutics Ltd ("Saugatuck") which has acquired an exclusive
licence from Yale University via Immunova for use of the NLG
platform for delivering DNA aptamers and certain aptamer-based
combination products.
Immunova is an early-stage research and development company
focused on the development of nanomedicine immunotherapeutics using
NLG technology licensed from Yale University. NLG technology
possesses the unusual feature of accommodating drugs with very
different physical and chemical properties, thus allowing them to
be transported to, and released, at the disease site in a
coordinated manner. Under the terms of the Agreement, SalvaRx will
initially invest US$1 million, to be released in tranches on the
completion of milestones. The first tranche will provide Saugatuck
US$300,000 to be used to establish proof of concept for the joint
venture.
SalvaRx has also signed a letter of intent with D5 Pharma Inc.
("D5"), a Toronto-based company spun out of the Sunnybrook Research
Institute, which shall provide Saugatuck with an anti-PD1 aptamer
for initial pilot animal experiments in the NLG formulation.
Subject to certain milestones being met, including the results of
the experiments, SalvaRx will invest in D5 and also form Oncomer
Limited, ("Oncomer") a new company that will have the rights to use
D5's aptamer creation platform for use in immuno-oncology
applications. The Company will provide further details when SalvaRx
forms Oncomer.
Ian Walters, CEO of SalvaRx, remarked, "We are excited to
announce this collaboration between Immunova, Yale, D5, and SalvaRx
to create a new generation of combination products. This technology
offers our scientists the tools to create novel immuno-oncology
combinations in a single product. Our intent is to screen multiple
combinations of known and novel targets to enhance antitumor
immunity."
Brian Horsburgh, Immunova's CEO, commented, "Our novel
formulation technology has the potential for improved delivery of
different therapeutic agents, as well as the potential for enhanced
safety and efficacy. This is our second joint venture and
represents further validation of our technology. We are delighted
to leverage SalvaRx's discovery and drug development expertise to
expand upon the uses of this technology in the exciting area of
cancer immunotherapy, where our technology may yield combination
treatments with enhanced benefit and reduced toxicity "
John Puziss, Yale University's Director of Business Development,
added, "We are pleased to be working with Ian and Brian, and it is
gratifying to see our technologies move forward to ultimately
benefit patients."
Saugatuck's Board of Directors will consist of Drs. Ian Walters,
Mark Moody, and Linda Kozick. Mark currently is the Chief Operating
Officer of Immunova. Previously, Mark was responsible for
nanomedicine drug development at Merrimack Pharmaceuticals, where
he led the manufacturing effort for Onyvide(R), a liposomal
irinotecan approved for the treatment of pancreatic cancer. Linda
retired from Bristol-Myers Squibb (BMS) as Vice President and Head
of Immuno-Oncology/Oncology Product & Portfolio Strategy and
Opdivo and Yervoy Life Cycle Management. Prior to that role, she
was the commercial lead for Opdivo (Nivolumab) and was instrumental
in helping BMS develop its clinical and commercial strategy for
Immunology-Oncology, which included combinations with BMS I-O
assets and acquisition of external molecules. Linda added,
"PD1-based combinations are becoming and will be the future of
oncology treatment. Saugatuck management is well positioned to
leverage their understanding of current cancer therapy to create
innovative formulations that have the potential to improve the
standard of care across multiple tumor types."
Appointments at SalvaRx Limited
The Company is pleased to announce key appointments at its
subsidiary SalvaRx Limited. As SalvaRx continues to expand, the
Board has been building the team to support the growing portfolio
of interests in the cancer immunotherapy sector.
On SalvaRx Limited's Board of Directors, Jim Mellon and Greg
Bailey will be joined by Dr. Ian Walters, the Chief Executive
Officer of the Company, and Dr. Howard R. Soule, Executive Vice
President and Chief Science Officer of the Prostate Cancer
Foundation ("PCF").
At PCF, Howard co-ordinates global academic, government and
biopharmaceutical sector research activity and is responsible for
the implementation of PCF's global research strategies. He
previously served as managing director of Knowledge Universe Health
and Wellness Group, a private investment firm focused on companies
in the general areas of disease prevention and treatment. From 1997
to 2004, he was the Foundation's Executive Vice President and Chief
Science Officer. Prior to joining the PCF in 1997, Howard spent
nine years as a senior R&D executive at Corvas International
Inc., a public biotechnology company. He was responsible for the
discovery and development of innovative products for the treatment
of life-threatening cardiovascular diseases. Howard has
considerable experience in medical diagnostic and device industries
as well.
Howard received a Ph.D. from Baylor College of Medicine in
virology and epidemiology and was a postdoctoral fellow in
Immunology and Vascular Biology at the Scripps Research
Institute.
Howard commented, "I have known Drs. Ian Walters and Rob Kramer,
Chief Scientific Officer of SalvaRx Limited, for many years as
executives in pharmaceutical sector and leaders in cancer
immunotherapy. I am confident that with their experience, they will
be able to bring exciting new treatments to the clinic for
difficult to treat cancers. I am excited to be joining the board at
this important/pivotal stage in the company's development."
Caroline Hill, PhD. has been appointed Vice President of Project
Management and Product Development at SalvaRx Limited. Caroline is
a seasoned R&D expert with 25 years of experience in large
pharma, biotech and academia. Caroline most recently spent 13 years
at BMS as Head of Regional R&D Operations and Schedule
Management, having responsibility across BMS's portfolio ranging
from discovery to life cycle management. Prior to this role,
Caroline was responsible for the management of the Specialty
Portfolio at BMS. Caroline has been involved with managing multiple
licensing, partnering and acquisition opportunities.
Prior to joining BMS, Caroline spent eight years at Vion
Pharmaceuticals, starting as a research scientist in Microbiology
and ending her tenure as the Director of Quality Control/Analytical
and Bio-Analytical Development and Manufacturing where she was
responsible for all pre-clinical and clinical analytical
development for biologics and small molecules as well as analysis
of clinical samples and all operational logistics to support
clinical PK/PD.
Options for SalvaRx Limited Management
In order to incentivise the additional personnel recruited at
SalvaRx Limited and attract future employees, the board of
directors of SalvaRx Limited has authorised the creation of a 5%
stock option pool.
-Ends-
SalvaRx Group PLC
Ian Walters (Chief Executive) Tel: +1 203 441
5451
Northland Capital Partners Limited Tel: +44 (0) 20
Nominated Adviser and Broker 3861 6625
Matthew Johnson / Edward Hutton
(Corporate Finance)
John Howes (Corporate Broking)
Peterhouse Corporate Finance Limited Tel: +44 (0) 20
Joint Broker 7469 0932
Lucy Williams / Duncan Vasey
For more information please visit: www.salvarx.io
About SalvaRx
SalvaRx was founded in 2014 to develop therapies within the
rapidly growing immuno-oncology market, which uses treatments
designed to boost the body's natural defences to fight the cancer.
Immuno-oncology therapy is a fast growing and new therapeutic area,
a market expected to grow to $80 billion worldwide by 2020 (Global
& USA Cancer Immunotherapy Market Analysis 2020). SalvaRx
Limited is majority owned by SalvaRx Group PLC.
SalvaRx's investment in Saugatuck expands its portfolio of
cancer immunotherapy companies, which currently includes iOx
Therapeutics, a University of Oxford spin-out company developing
products that stimulate Natural Killer T-Cells, Intensity
Therapeutics, a US based biotechnology company developing novel
intratumoral therapies that promote antigen presentation, Nekonal
Oncology, a BVI company developing novel immune-oncology
antibodies, and RIFT biotherapeutics, a San Diego-based lab
developing novel checkpoint antibodies which regulate the tumor
microenvironment.
SalvaRx's strategy is to invest in and acquire a portfolio of
companies involved in novel cancer immunotherapies and develop them
up to clinical proof of concept. SalvaRx provides portfolio
companies with operational support in addition to capital, either
by managing its portfolio companies directly or augmenting an
existing team. SalvaRx's management team have a proven track record
of discovering and commercialising drugs in the area of cancer
immunotherapy with Bristol-Myers Squibb and Johnson & Johnson.
The team is supported by an extended network of senior academic and
industry executives to promote commercial and scientific outcomes,
including licensing and partnering discussions.
About Immunova - www.immunova.net
Immunova LLC is developing nanomedicine formulations for use in
the generation of therapeutic approaches for a variety of disease
indications. Immunova was founded in 2012 with an exclusive license
from Yale University for nanolipogel (NLG) technology which enables
delivery of different combinations of drugs to the disease
microenvironment. NLG nanoparticles possess the unusual advantage
of accommodating drugs with very different physical and chemical
properties, thus allowing them to be transported to, and released,
at the disease site in a coordinated manner. Therapeutic success is
increased as combinations of drugs can attack multiple disease
targets. Immunova works in partnership with investors and
entrepreneurs to form joint ventures around its nanomedicine
approaches. The first joint venture was with TVM Life Sciences,
which formed Modulate Therapeutics in 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKPDPABKKFCB
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September 25, 2017 03:00 ET (07:00 GMT)
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