SAN JOSE, Calif., July 2, 2020 /PRNewswire/ -- Anixa Biosciences,
Inc. (NASDAQ: ANIX), a biotechnology company focused on the
treatment and prevention of cancer and infectious diseases, today
announced that it has strategically realigned its business focus
and redirected resources to exclusively focus on the development of
therapeutics and vaccines in high-need patient populations.
As part of this realignment, the company has suspended development
of the Cchek™ liquid biopsy technology.
Going forward, Anixa's operations will center entirely on the
development and expansion of its therapeutics and vaccine
portfolio, which includes a cancer immunotherapy program being
developed in partnership with the Moffitt Cancer Center, that uses
chimeric endocrine receptor T-cell (CER-T) technology, a novel type
of CAR-T. Anixa is also developing a cancer vaccine
technology addressing breast cancer with a specific focus on triple
negative breast cancer (TNBC), the most lethal form of the disease,
in partnership with the Cleveland Clinic. Anixa will continue
drug discovery and development of Covid-19 therapies, in
partnership with OntoChem, GmbH. In addition, Anixa will
continue to examine emerging therapeutic technologies for further
development.
"Due to the evolving dynamics of the diagnostics market during
this pandemic and projected disruptions in this industry, we see
greater opportunity to benefit patients and our shareholders as a
therapeutics-directed company," said Amit
Kumar, Ph.D., Chief Executive Officer of Anixa. "The
pandemic and market forces have made it clear that we need to
pivot. Our confidence in the Cchek™ technology remains
undiminished, but we feel the prudent decision is to suspend work
on diagnostics at this time."
Dr. Kumar continued, "Anixa is a company built on the efficient
use of capital. Capital allocation decisions are made based
on the potential to provide the highest return to
shareholders. We are all aware of the challenges to various
industries caused by the coronavirus pandemic. The
diagnostics industry is not immune, and considering this, as well
as certain characteristics of our program, we have chosen this
course of action. This decision will free up capital that we
can devote to advance our existing therapeutic programs and to
in-license and initiate innovative new assets that will help drive
the greatest value for our shareholders."
About Anixa Biosciences, Inc.
Anixa is a
publicly-traded biotechnology company developing a number of
programs addressing cancer and infectious disease. Anixa's
therapeutic portfolio includes a cancer immunotherapy program which
uses a novel type of CAR-T, known as chimeric endocrine receptor
T-cell (CER-T) technology, and a Covid-19 therapeutics program
focused on inhibiting certain viral protein function. The
company's vaccine portfolio consists of a technology focused on the
immunization against α-Lactalbumin to prevent triple negative
breast cancer (TNBC). Anixa continually examines emerging
technologies in complementary fields for further development and
commercialization. Additional information is available at
www.anixa.com.
Forward-Looking Statements: Statements that are not
historical fact may be considered forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not statements of
historical facts, but rather reflect Anixa's current expectations
concerning future events and results. We generally use the
words "believes," "expects," "intends," "plans," "anticipates,"
"likely," "will" and similar expressions to identify
forward-looking statements. Such forward-looking statements,
including those concerning our expectations, involve risks,
uncertainties and other factors, some of which are beyond our
control, which may cause our actual results, performance or
achievements, or industry results, to be materially different from
any future results, performance, or achievements expressed or
implied by such forward-looking statements. These risks,
uncertainties and factors include, but are not limited to, those
factors set forth in "Item 1A - Risk Factors" and other sections of
our most recent Annual Report on Form 10-K as well as in our
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. You
are cautioned not to unduly rely on such forward-looking statements
when evaluating the information presented in this press
release.
Anixa contact:
Mike Catelani
mcatelani@anixa.com
408-708-9808
Tiberend Strategic Advisors, Inc.
Miriam Miller (Investors)
mmiller@tiberend.com
212-375-2694
Johanna Bennett (Media)
jbennett@tiberend.com
212-375-2686
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SOURCE Anixa Biosciences, Inc.