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Acquisition agreement with Boehringer Ingelheim for NBE-Therapeutics marks first major biotech exit for PPF Group
PPF Group, an international investment group, today announced the signing of a binding agreement to sell its stake in NBE-Therapeutics to Boehringer Ingelheim. NBE-Therapeutics is using its proprietary iADC™ platform to develop potential best-in-class antibody-drug conjugate (ADC) therapies for the treatment of solid tumors. The lead program NBE-002, an iADC targeting ROR1, entered the Phase 1 clinical testing in 2020.
SOTIO exercises second target option under existing collaboration with NBE-Therapeutics to develop next-generation antibody-drug conjugates
Basel, Switzerland & Prague, Czech Republic – November 7, 2019 – NBE-Therapeutics AG and SOTIO a.s. today announced that SOTIO has elected a second target for the development of a next generation antibody-drug conjugate (ADC) under their existing license and collaboration agreement. NBE and SOTIO will collaborate on the discovery, non-clinical development and manufacturing of this second undisclosed target. The development will be based on NBE’s proprietary antibody drug conjugate platform, including NBE’s site-specific SMAC-technologyTM conjugation and its new, highly potent anthracycline toxin platforms. SOTIO will take global responsibility for clinical development, registration and commercialization of the ADC products.
PPF and SOTIO invest $6.5 million in MaveriX Oncology and its lead program MVX-5005
SOTIO, together with PPF, and MaveriX Oncology, Inc., today announce the investment of PPF Group in MaveriX Oncology Inc., a private biotech company with a proprietary pipeline of targeted, small-molecule cancer chemo-immunotherapeutics. PPF has committed to investing $6.5 million in MaveriX Oncology’s ongoing Series A financing contingent on key development milestones. In total, MaveriX is aiming to secure a total of $20 million in funding and the round will remain open for additional investors to join. The proceeds will enable MaveriX to advance the company’s lead program MVX-5005 through IND-enabling studies, and complete first-in-human Phase Ia/Ib clinical trials for the treatment of solid tumors in support of clinical proof-of-concept. The company will also advance further platform programs to drug candidate selection.