TIDMSALV
RNS Number : 1176H
SalvaRx Group plc
08 March 2018
Press Release March 8(th) , 2018
SalvaRx Group plc
("SalvaRx", the "Company" or the "Group")
Drug Pipeline Progress including Patent Grants
Issue of Convertible Loan for $1million by iOx Therapeutics
SalvaRx (LON: SALV), a biotechnology company focused on
discovering and developing immunotherapies for cancer, today
announces a business update as of March 2018.
The Group continues to make progress across all aspects of its
business with the goal of gathering more safety and efficacy data
in cancer patients over the course of 2018. In addition, the
Company's management is continuing to investigate opportunities to
partner and collaborate on its portfolio of immunotherapy assets.
Recent highlights include:
iOx Therapeutics
-- Granted additional patents
-- Improvements in manufacturing, and initiation of toxicology and final manufacturing
-- Placement of a convertible loan for US$1M
-- Progression of IMM60 towards clinical trials application with
the goal of starting its first human clinical trial this year
Intensity Therapeutics
-- Granted additional US patent expanding protection
-- Progression of its human trial beyond superficial tumours to
deep tumours with good safety data
iOx Therapeutics ("iOx")
iOx, in which SalvaRx Limited (the Company's 94.2% subsidiary)
has a 60.5% interest, has recently been granted additional patents
covering liposomal formulation of its iNKT agonist (US patent
15/253,307, EU patent 2654779). It continues to progress both the
toxicology program and manufacturing process as discussed with the
Medicines and Healthcare products Regulatory Agency (MHRA) to
enable testing in humans to commence soon. IMM60 is now poised to
enter the clinic later this year to be tested alone and in
combination with an anti-PD1 agent. This first study is supported
by a collaborative research agreement from Oxford University.
iOx is also making progress with its second therapy, IMM65,
where progress has been made to enable the determination of the
final formulation. This study is supported by a Horizon 2020 grant
from the European Commission.
In order to fund these ongoing research and development
activities, iOx has issued US$1M of unsecured convertible loan
notes ("Notes").
The Notes have the following key terms:
1. the Notes entitle the holder thereof to interest of 7% per
annum on the principal amount of the Notes and would be added to
the principal amount of the Notes outstanding to be redeemed or
converted, as the case may be;
2. the Notes are convertible into ordinary shares in iOx on the
earlier the first anniversary of the effective date or the date on
which iOx conducts a sale or listing or it undertakes an eligible
third party fundraising of not less than US$2M;
3. the conversion price of the Notes would be either (a) 25%
discount to the next financing, (b) the price per share of the
relevant sale, or, in the case of event that both (a) or (b) do not
occur within one year (c), GBP120 per share; and
4. the Notes would only be repayable (rather than convertible) in an event of default.
Portage Biotech Inc., ("Portage") a biotechnology company listed
on the Canadian Securities Exchange (CSE: PBT.U) focused on
researching and developing pharmaceutical and biotech products, is
subscribing for US$950,000 of the Notes with existing iOx
shareholder Oxford Sciences Innovation plc subscribing for the
balance of the Notes.
Related Party Transaction
Jim Mellon, Greg Bailey, Ian Walters and Kam Shah are directors
of the Company and Portage, consequently the subscription by
Portage for the Notes is deemed a related party transaction under
the AIM Rules for Companies. Richard Armstrong and Colin Weinberg
who are independent for the purposes of the transaction, consider,
having consulted with the Company's Nominated Adviser, that the
terms of the transaction are fair and reasonable insofar as the
Company's shareholders are concerned.
Intensity Therapeutics ("Intensity")
The Company is pleased to announce that Intensity, in which
SalvaRx Limited has a 8.5% interest, which is developing
proprietary cancer immunotherapy products, has recently been
granted a US patent expanding its protection for the use of novel
cell penetration enhancers with anti-cancer therapies (US Patent
9,636,406). Intensity has Investigational New Drug (IND) status in
the US and a Clinical Trial Application in Canada for studying its
novel intratumoural agent INT230-6 in solid tumours, alone and in
combination with an anti PD1 agent (www.clinicaltrials.gov
NCT#03058289). This trial recently released results from its first
cohort, with good safety in superficially-palpable tumours. The
trial has moved into deep tumours such as pancreatic, liver, and
colon tumours. The trial will continue to generate data about
INT230-6's safety and is expected to generate preliminary efficacy
data.
Nekonal, RIFT and Saugatuck Therapeutics
These portfolio companies continue to explore the utility of
their technologies across a broad range of tumour models. The
SalvaRx team continues to work closely with these companies, in
particular to explore the utility of modulating the tumour
microenvironment to improve tumour specific immunity. The Company
is confident that these companies will be able to nominate full
development candidates shortly.
Ian Walters, CEO of SalvaRx, said: "I am delighted with the
portfolio of assets that we have put together as well as the teams
behind these technologies. We have seen substantial progress across
the portfolio and now are beginning to evolve into a clinical stage
company with multiple assets expected in the clinic by the end of
the year. The appetite for early stage immuno-oncology assets is
still strong with recent record-breaking deals showing significant
premiums (in February Bristol Myers Squibb acquired 35% of Nektar's
compound NKTR-214 for $1.8billion upfront with additional
milestones). Analysts also predict that recent tax reform in the US
will stimulate additional mergers and acquisitions in this area.
SalvaRx is well poised to deliver a series of novel first in class
products which can augment the pipelines in big pharma."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
-Ends-
SalvaRx Group plc
Ian Walters (Chief Executive) Tel: +1 203-441-5451
Northland Capital Partners Limited Tel: +44 (0)
Nominated Adviser and Broker 20 3861 6625
Matthew Johnson / Edward Hutton
(Corporate Finance)
John Howes (Corporate Broking)
Peterhouse Corporate Finance Limited Tel: +44 (0)
Joint Broker 20 7469 0932
Lucy Williams / Duncan Vasey
About SalvaRx Group plc
SalvaRx Limited 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's strategy is to invest in 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.
For more information please visit: www.salvarx.io
This information is provided by RNS
The company news service from the London Stock Exchange
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