CoImmune Inc. inks all-stock merger deal with Formula Pharmaceutical
Category: #health  | By Mateen Dalal  | Date: 2020-01-16 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

CoImmune Inc. inks all-stock merger deal with Formula Pharmaceutical
  • The merger will bring two therapeutic immune-oncology platforms together
  • Focus shall be placed over Phase 1 and Phase 2 trials of CAR-CIK and CMN-001 respectively

U.S.-based bioscience firm CoImmune, Inc., announces partnership with Formula Pharmaceuticals, Inc., a privately-held biopharma firm based in the U.S., as it brings two of the prime therapeutic immune-oncology platforms together. The collaboration of Formula Pharmaceuticals with CoImmune will further provide access to all the tangible and intangible assets of Formula Pharmaceuticals.

Following the completion of the merger, the partnered company shall focus on the running of lead asset CMN-001’s Phase 2b trial in enhanced renal cell carcinoma as well as a Phase 1 study of CAR-CIK (killer cells induced by cytokine)’s for acute lymphoblastic leukemia.

CAR-CIK, an allogenic, propriety non-viral technology platform bears the potential to surpass the commercial limitations associated with the existing CAR-T that needs autologous viral and blood transfection. The closure of the deal shall be accompanied by an investment of $6 million in the combined entity that could further fund the CAR-CIK program.

CoImmune’s Chief Executive Officer, Charles Nicolette stated that the company is looking forward to bringing two therapeutic immune-oncology platforms together in order to maximize its commercial and clinical value resulting from the merger. 

He further added that CoImmune runs a powerful Phase 2b program with CMN-001, the lead candidate along with a strong team to help advance its pipeline. The company has accessed several potential acquisition and merger opportunities and also believes that Formula owns the best allo CAR-based technology as well as a strong investor base that is capable of delivering a considerable value.

Both the companies complement each other and the combination of both shall help CoImmune to advance its therapies for FDA approval.

Sources confirm that CoImmune has been planning to carry out sponsored research contracts with the University of Milano-Bicocca, MBBM Foundation, San Gerardo Hospital and M. Tettamanti Research Center to be able to conduct all the non-clinical research and various other important work to develop CAR-CIK  in Monza, Italy.

 

Source Credit- https://markets.businessinsider.com/news/stocks/coimmune-inc-a-us-based-clinical-stage-biotech-and-formula-pharmaceutical-inc-agree-to-merge-in-an-all-stock-transaction-1028821317

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More..

More News By Mateen Dalal

Microsoft investigates Teams and Outlook outage that left users disrupted

Microsoft investigates Teams and Outlook outage that left users disrupted

By Mateen Dalal

Microsoft, the U.S.-based technology frontrunner, reportedly investigating an outage that prevented thousands of customers from accessing services like Teams and Outlook. Apparently, the tech giant did not disclose the number of users that were im...

UK: Budget & basic items’ cost in supermarkets soar 20.3% in December

UK: Budget & basic items’ cost in supermarkets soar 20.3% in December

By Mateen Dalal

Britishers who rely on the budget-friendly aisles of supermarkets reportedly saw the biggest increases in food prices in the months leading up to Christmas, significantly outpacing those for luxury as well as premium brands, as per a survey. Accor...

Sun Cable shuts as $21B solar project to power S’pore hangs in balance

Sun Cable shuts as $21B solar project to power S’pore hangs in balance

By Mateen Dalal

Sun Cable, the Singapore-based solar energy company, has reportedly entered voluntary administration, despite the financial support it received from billionaire investors. The company was supposed to be working on a A$30 billion (US$21 billion) solar...