SalvaRx Group plc Investment in Nekonal (9853X)
February 28 2017 - 2:00AM
UK Regulatory
TIDMSALV
RNS Number : 9853X
SalvaRx Group plc
28 February 2017
28 February 2017
SalvaRx Group plc
Investment in Nekonal
SalvaRx Group plc is pleased to announce that its subsidiary,
SalvaRx Limited ("SalvaRx"), has entered into an agreement to make
an investment in and form a collaboration with Nekonal SARL
("Nekonal"), a Luxembourg-based company holding intellectual
property rights for therapeutics and diagnostics in the field of
autoimmune disorders and oncology. As part of the agreement,
SalvaRx and Nekonal will form a joint venture company, Nekonal
Oncology Ltd ("Nekonal Oncology"), which will utilise SalvaRx's
management and drug development expertise to exclusively explore
the applications of Nekonal's technology in cancer
immunotherapy.
SalvaRx will invest an initial EUR600,000 and up to an
additional EUR300,000, subject to certain milestones being
achieved. The initial investment will comprise a EUR300,000
convertible loan in Nekonal to participate in the funding of its
auto-immune programs and a EUR300,000 equity investment in Nekonal
Oncology. Nekonal Oncology will be treated as an associate company
by SalvaRx for accounting purposes. The initial investment is being
funded by existing cash resources.
Nekonal Oncology will focus on the development of first-in-class
antibodies against a novel T-cell based target having potential for
use as a monotherapy and combination therapy for solid and
haematological malignancies. SalvaRx will oversee a work plan that
will advance multiple therapeutic antibodies towards the clinic for
use in oncology. Ian Walters, the CEO of SalvaRx, will be acting
CEO of Nekonal Oncology and will join its board.
Nekonal was incorporated in 2011 and has to date been funded by
its founder shareholders. It has not traded.
Ian Walters commented: "We are excited to announce our
investment and the formation of our third cancer-immunotherapy
portfolio company, Nekonal Oncology. Dr. Utku, the CEO of Nekonal,
and her team have discovered several candidate antibodies that can
modulate T-cell function and suppress or eliminate regulatory
cells, which may have the ability to substantially improve patient
outcomes for many types of cancers."
Nekonal's accomplished scientific team has been developing its
immune-modulating antibodies for more than ten years. Nalân Utku,
MD, the Founder and CEO of Nekonal, is a Professor of Immunology at
the Charité Hospital in Berlin, Germany, and previously held
positions at the University of Bonn and the Brigham and Women's
Hospital in Boston. Dr. Utku commented "We are delighted to enter
into this collaboration. SalvaRx is at the forefront of advancing
new immune-oncological approaches to treat patients with severe
cancers. Their commitment to innovation in oncology combined with
their significant experience in the field makes them an ideal
partner to develop our immune-modulatory products".
Drs. Walters and Utku will be joined on Nekonal Oncology's board
by John Edwards. Mr. Edwards also serves as executive chairman of
F-star and ImmuneXcite. Mr. Edwards has 30 years' experience in
drug discovery, development, and commercialisation, including work
on over ten FDA-approved biologics at a series of successful
biotech companies.
SalvaRx's investment in Nekonal Oncology expands its portfolio
of cancer immunotherapy companies, which currently includes iOx
Therapeutics, a University of Oxford spin-out company developing
products that stimulate Natural Killer T-Cells, and Intensity
Therapeutics, a US based biotechnology company developing novel
intratumoral therapies that promote antigen presentation.
About SalvaRx
SalvaRx was founded in 2014 to develop therapies within the
rapidly growing immuno-oncology market, which uses treatments
designed to boost the body's natural defences to fight the cancer.
Immuno-oncology therapy is a fast growing and new therapeutic area,
a market expected to grow to $80 billion worldwide by 2020 (Global
& USA Cancer Immunotherapy Market Analysis 2020).
SalvaRx's strategy is to invest in a portfolio of companies
involved in novel cancer immunotherapies and develop them up to
clinical proof of concept. SalvaRx provides portfolio companies
with operational support in addition to capital, either by managing
its portfolio companies directly or augmenting an existing team.
SalvaRx's management team have a proven track record of discovering
and commercialising drugs in the area of cancer immunotherapy with
Bristol-Myers Squibb and Johnson & Johnson. The team is
supported by an extended network of senior academic and industry
executives to promote commercial and scientific outcomes, including
licensing and partnering discussions.
-Ends-
SalvaRx Group plc
Ian Walters (Chief Executive) Tel: +1 203 441
5451
Northland Capital Partners Limited Tel: +44 (0) 20
Nominated Adviser and Broker 3861 6625
Matthew Johnson / Edward Hutton
(Corporate Finance)
John Howes (Corporate Broking)
Peterhouse Corporate Finance Limited Tel: +44 (0) 20
Joint Broker 7469 0932
Lucy Williams / Duncan Vasey
For more information please visit: www.salvarx.io
This information is provided by RNS
The company news service from the London Stock Exchange
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