Triphase Signs Collaboration And Option Agreement With Celgene Corporation (CELG)
1/10/2014 10:40:32 AM
TORONTO AND SAN DIEGO, Jan. 10, 2014 /PRNewswire/ - Triphase Accelerator Corporation was formed in 2010 as a cancer-focused biotechnology development
company whose aim is to reduce the time and expense between an
Investigational New Drug application and "proof-of-concept" at Phase
II. Triphase was spun out of the Ontario Institute for Cancer Research (OICR) to develop and advance late pre-clinical, Phase I or early Phase
II potential products.
Triphase and its founding investors are in a position to take advantage
of the excellent research and development capabilities in the Toronto
healthcare and innovation ecosystem. The Fight Against Cancer Innovation Trust (FACIT), MaRS Innovation Ventures Trust, and MaRS Phase II Investment Trust, are all Toronto based equity investors in Triphase.
After the formation of the company, Triphase entered into a strategic
relationship with Celgene Corporation. Through this arrangement, Celgene obtained rights of first refusal on
the first three oncology products Triphase advances to clinical
proof-of-concept (POC), plus a right of first negotiation on three more
future oncology products which may be acquired by Triphase.
Following the acquisition by Triphase of its first oncology product in
late 2012, the Triphase-Celgene collaboration was initiated, along with
an undisclosed upfront payment. Triphase controls the development of
this first product from early clinical research to POC. Upon
achievement of POC, Celgene will have an exclusive option to acquire
this product and, if such option is exercised, Triphase will be
entitled to certain regulatory and commercial milestone payments.
Triphase Founder, President and CEO Frank Stonebanks said, "I am
thrilled with the support by FACIT, MaRS Innovation Ventures Trust and
MaRS Phase II Investment Trust to form Triphase, and now also with the
partnership we have struck with Celgene, a leader in innovative
research and development for the treatment of cancer. We believe we
have created a very efficient engine to advance potentially important
oncology products for patient benefit."
Triphase is actively seeking additional products for licensing and
development, consistent with its mission to accelerate products to
Phase II development.
Triphase has, through its subsidiaries, operations in Toronto, Ontario
and San Diego, CA.
Triphase is a private oncology-focused accelerator, dedicated to
advancing compelling, well differentiated products through human proof
of concept (Phase II) faster and more efficiently than the current
industry standard. Triphase has a unique strategic relationship with
the OICR, and leverages the innovation ecosystems in Toronto and San
Diego to rapidly advance products from IND to Phase II. (www.triphaseco.com)
FACIT is an independent business trust established by the Ontario
Institute for Cancer Research (OICR) to undertake development and
commercialization activities related to cancer research, products and
drug discovery. The Institute is an independent, not-for-profit
corporation, supported by the Government of Ontario. OICR research
supports more than 1,600 investigators, clinician scientists, research
staff and trainees located at its headquarters and in research
institutes and academia across the Province of Ontario. OICR has key
research efforts underway in small molecules, biologics, stem cells,
imaging, genomics, informatics and bio-computing. (www.oicr.on.ca)
About MaRS Innovation Ventures Trust
MaRS Innovation Ventures Trust is an independent business trust
established by MaRS Innovation. MaRS Innovation provides an integrated
commercialization platform that harnesses the economic potential of the
exceptional discovery pipeline of 17 leading Toronto academic
institutions. MaRS Innovation is a non-profit organization with an
independent Board of Directors, funded through the Government of
Canada's Center of Excellence for Commercialization and Research (CECR)
Program and contributions of its member institutions, as well as
support from the Province of Ontario. (www.marsinnovation.com)
About MaRS Phase II Investment Trust
MaRS Phase II Investment Trust is an independent business trust
established by MaRS Discovery District.Located in Toronto, MaRS Discovery District is one of the world's
largest urban innovation hubs. MaRS works with partners to cultivate
high-impact ventures and equip innovators to drive economic and social
prosperity in Canada. MaRS provides entrepreneurs with
expert advice, tools and market research, and connects them to talent,
customers and capital. In the last three years, MaRS startup clients
have raised over $750 million in capital, earned over $375 million in
revenue and hired well over 4,000 workers into knowledge economy jobs.
SOURCE Triphase Accelerator Corporation
Image with caption: "Building upon its collaboration and option agreement with Celgene Corporation, Triphase is actively seeking additional products for licensing and development, consistent with its mission to accelerate products to Phase II development. The company has operations in Toronto, ON. and San Diego, CA. (CNW Group/Triphase Accelerator Corporation)". Image available at: http://photos.newswire.ca/images/download/20140110_C8034_PHOTO_EN_35440.jpg
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