Combined entity creates strong foundation for leading
Canadian immuno-oncology company
TORONTO, Jan. 28, 2016 /PRNewswire/ - FACIT has announced
that Trillium Therapeutics Inc. (NASDAQ:TRIL, TSX:TR; "Trillium")
has acquired all of the outstanding shares of privately-held
Fluorinov Pharma Inc. ("Fluorinov" or the "Company"), a FACIT
portfolio company. The transaction combines Fluorinov's pipeline of
oncology therapeutics and risk-reduced drug discovery engine, with
Trillium's pool of innovative immuno-oncology therapies. The
resulting impressive arsenal of clinical and near-clinical stage
products is positioned to benefit greatly from the capital and
development resources available to Trillium. The acquisition also
reflects the strength of innovation within the province, as well as
the current momentum behind biotechnology and product development
expertise in Ontario.
Fluorinov's innovative fluorine chemical synthesis developed by
Dr. Malik Slassi, Fluorinov's
founder and President, has created a portfolio of new chemical
entities from validated drugs and drug candidates with improved
pharmacological properties. The Company's oncology drugs have been
developed through a broad collaborative network including the
Ontario Institute for Cancer Research (OICR) and the U.S. National
Cancer Institute. FACIT's early investment in Fluorinov exemplifies
the partnership with entrepreneurs in Ontario and the innovative network that
extends well beyond universities and teaching hospitals.
Trillium is an immuno-oncology company developing innovative
therapies for the treatment of cancer. Its lead program is a
SIRPaFc antibody-like fusion protein that blocks the activity of
CD47, a molecule that is overexpressed on a wide variety of tumors.
CD47 binds to SIRPa on macrophages and delivers a "do not eat"
signal that inhibits the ability of macrophages to phagocytose
(engulf and destroy) malignant cells.
"FACIT is pleased to have been able to support Fluorinov and
help drive forward its one-of-a kind technology platform and
compelling clinical candidates," said Jeff
Courtney, FACIT's Chief Commercial Officer. "We congratulate
Dr. Slassi and his team at Fluorinov on this important milestone
and look forward to the continued development of these breakthrough
products with their new partners at Trillium."
"Fluorinov is deeply appreciative of FACIT's support in helping
to develop the Company's programs and therapies to a stage where
well-respected leaders at Trillium have taken notice," remarked Dr.
Slassi. "We are excited about this new chapter with our colleagues
at Trillium and are confident that the shared vision and an
aggressive growth strategy will unlock the full value in the
combined and strengthened pipeline of innovative therapies."
About
FACIT
FACIT is an independent business trust established by the Ontario
Institute for Cancer Research to undertake development and
commercialization activities related to cancer research, products
and drug discovery. For more information, please visit the website
at facit.ca or email info@facit.ca.
SOURCE Fight Against Cancer Innovation Trust