On January 15, 2020 CoImmune, Inc. and Formula Pharmaceuticals, Inc. announced today the merger between the two companies, bringing together two therapeutic immuno-oncology platforms (Press release, CoImmune, JAN 15, 2020, View Source [SID1234638183]).
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Upon completion of the merger of Formula Pharmaceuticals into CoImmune, bringing forth access to all of Formula Pharmaceuticals’ tangible and intangible assets, the merged company will continue to focus on running a Phase 2b trial for lead asset, CMN-001, in advanced renal cell carcinoma and a Phase 1 trial for CAR-CIK (cytokine-induced killer cells) in acute lymphoblastic leukemia. This proprietary non-viral, allogeneic CAR-CIK technology platform has the potential to overcome commercial limitations related to existing CAR-T approaches that require autologous blood and viral transfection. The close of the deal will be accompanied by a $6MM investment in the combined entity to fund the CAR-CIK program.
"We are excited about the opportunity of bringing together two therapeutic immuno-oncology platforms to maximize our clinical and commercial value as a result of merger," said Charles Nicolette, Chief Executive Officer of CoImmune. He continued that "CoImmune has a compelling Phase 2b program with lead candidate, CMN-001, and a strong team to advance its pipeline. We evaluated numerous potential merger and acquisition opportunities and believe that Formula has a best-in-class allo CAR-based technology and a solid base of investors which can deliver significant value. We believe that both companies complement each other, and together, this relationship will enable us to continue to advance our therapies toward US FDA approval in the near future."
Additionally, CoImmune intends to execute sponsored research contracts with the M. Tettamanti Research Center, University of Milano-Bicocca and MBBM Foundation, San Gerardo Hospital to conduct non-clinical research and other necessary work for the development of CAR-CIK in Monza, Italy. CoImmune plans to establish a Joint Steering Committee to organize its activity in Monza and offer Dr. Andrea Biondi, Scientific Director of the M. Tettamanti Research Center, a role on CoImmune’s Clinical Advisory Board.
Dr. Lucio Rovati, CEO of Rottapharm Biotech S.r.l. will join the Board of Directors of the post-merger combined company.