On November 29, 2024 – Helix BioPharma Corp. (TSX: "HBP", OTC PINK: "HBPCD", FRANKFURT: "HBP0") ("Helix" or the "Company"), a clinical-stage biopharmaceutical company developing novel and unique therapies in the field of immune-oncology, based on its proprietary technological CEACAM6 platform, DOS47, reported that it has entered into an asset purchase agreement dated November 28, 2024 (the "Agreement"), with Laevoroc Immunology AG ("Laevoroc Immunology"), a privately-held, Swiss immune-oncology company (Press release, Helix BioPharma, NOV 29, 2024, View Source [SID1234648700]).
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As a result of the Transaction, Helix will acquire the intellectual property, inventory, assigned agreements and rights to LR 09, an oral immune checkpoint inhibitor in preclinical development for patients relapsing with leukemia after the intensive journey of allogeneic stem cell transplantation (SCT). LR 09 (Ulodesine hemiglutarate) is a novel, patented chemical entity discovered to be a metabolic immune checkpoint inhibitor and granted Orphan Drug Designation by the US Food and Drug Administration (FDA) in 2022.
Pursuant to the Agreement, Helix shall acquire substantially all of the assets and certain liabilities of Laevoroc Immunology in consideration for the issuance of 16.5% of the Company’s issued and outstanding shares on the closing date of the transaction (the "Transaction"). If the Transaction were to close today, Helix would be required to issue 8,088,553 common shares based on the Company’s 49,021,536 shares currently issued and outstanding. The Company anticipates that the Transaction will close on or around January 30, 2025 and all shares issuable in connection with the Transaction will be subject to a hold period of four months and one day from the date of issuance. The Transaction is subject to the approval of the Toronto Stock Exchange and certain closing conditions of transactions of a similar nature.
The Agreement follows the signing of a non-binding letter of intent announced in a press release published by Helix and dated 13 November, 2024.
Jacek Antas, CEO of Helix Biopharma, said: "We are pleased to reach this agreement with Laevoroc Immunology, which marks an important step in our asset acquisition process and, ultimately, the growth of our immune-oncology pipeline with a therapeutic candidate targeting critical unmet needs in leukaemia treatment. We are confident that this strategic addition will contribute long-term value and growth for our shareholders."