AsianScientist (Jun. 16, 2015) – Cellular Biomedicine Group Inc. (CBMG), a biomedicine firm engaged in the development of new treatments for degenerative and cancerous diseases, has entered into a definitive agreement to acquire from Blackbird Bio Finance University of South Florida’s next generation GVAX vaccine’s (CD40LGVAX) related technologies and know-how for an initial consideration of US$2.5 million in cash and US$1.75 million in shares of the company’s common stock.
The per share price will be based on the 20-day volume weighted average price of the company’s common stock upon the closing of the acquisition. CBMG will pay potentially more than US$25 million in future milestones and royalty payments. As part of the transaction, CBMG will be the exclusive global licensee of the licensor’s related technologies and know-how, the progeny manufacturing rights with access to a master vaccine bank originating from the University of South Florida.
Given the positive Phase I results of CD40LGVAX alone in non-small cell lung cancer (NSCLC), CD40LGVAX inventor Dr. Scott Antonia plans to combine the vaccine with a checkpoint inhibitor, anti-PD1 monoclonal antibody, Nivolumab, in a three patient lead-in Phase I clinical trial followed by a randomized Phase II clinical trial in the US to evaluate the safety and efficacy of the combination in patients with stage four unresectable non-small cell lung cancer. The clinical trials are expected to commence in the second half of 2015.
“This strategic acquisition will enable CBMG to broaden its product portfolio based on the acquired related technologies and know-how to augment our immuno-oncology platform portfolio, particularly cancer immunotherapy vaccine and combination technology platform. Fundamentally, it would transform CBMG into a global player with leading comprehensive cancer treatment programs,” commented Dr. William (Wei) Cao, chief executive officer of CBMG.
“It should be noted that Antonia’s NSCLC advanced clinical programs using proprietary ‘off-the-shelf’ vaccines, would be conducted in the United States with CBMG funding the vaccine supply. This represents a major milestone in our foray into the US market.”
“In addition, upon receiving the requisite regulatory approval, we will seek approval to conduct clinical trials in China with leading medical centers to serve China’s patients with lung cancer. We look forward to continuing to explore other international partnerships and licensing opportunities.”
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Source: Cellular Biomedicine Group Inc.; Photo: NIAID/Flickr/CC.
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