DURHAM, N.C., Jan. 15, 2020 (GLOBE NEWSWIRE) -- CoImmune, Inc. and Formula Pharmaceuticals, Inc. announced today the merger between the two companies, bringing together two therapeutic immuno-oncology platforms.
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.
About CoImmune, Inc.
CoImmune specializes in the development of personalized immuno-oncology therapies including its lead candidate, CMN-001, for treatment of metastatic renal cell carcinoma. CMN-001 is a dendritic cell-based, individualized immunotherapy that captures both mutated and variant antigens that are unique to each patient's tumor, specifically designed to induce an immune response targeting patient's particular tumor antigens. CoImmune Inc., was incorporated and funded in February 2019 by two South Korean companies SCM Lifescience Co., Ltd. and Genexine, Inc. SCM Lifescience is a privately-held Korean biotech company focused on development of next-generation clonal mesenchymal stem cell therapies and Genexine is a KOSDAQ-listed biotech focused on development of innovative immunotherapies based on hybrid Fc technology.
About Formula, Inc.
Formula Pharmaceutical is focused on development of a best-in-class CAR-therapy platform to overcome key shortcomings of existing CAR-T approaches. Formula Pharmaceuticals' CAR-CIK (Cytokine Induced Killer) technology leverages allogeneic cells from cord blood and proprietary non-viral transfection (SB100X gene transfer system).
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