Cardio3 BioSciences Moves Into Oncology With $182 Million Deal
Published: Jan 06, 2015
January 6, 2015
By Krystle Vermes, BioSpace.com Breaking News Staff
Belgium-based Cardio3 BioSciences, a biotechnology company focused on the development of cell therapies, announced today that it has acquired OnCyte in a $182 million deal. OnCyte is the oncology division of Celdara Medical, a privately held biotechnology company situated in the U.S.
As a result of the deal, Cardio3 has positioned itself at the front of the Chimeric Antigen Receptor T-Cell space. The company will pay $10 million upfront for OnCyte, of which $4 million will be paid in shares of Cardio3.
“We are extremely proud of everything that the OnCyte team has accomplished to date,” said Jake Reder, co-founder and CEO of Celdara Medical. “The product candidates they have developed could have a tremendous impact on the field of immuno-oncology, and we believe that Cardio3 BioSciences is the optimal partner to lead the further advancement of this groundbreaking technology. Cardio3 BioSciences possesses the right scientific, manufacturing, and clinical expertise to continue developing these therapies and to realize their full potential.”
OnCyte’s most advanced CAR T-Cell drug candidate is known as CM-CS1. It uses a Natural Killer cell receptor, titled NKG2D, to target tumor antigens.
“We look forward to initiating the Phase I trial of CM-CS1 and advancing the other OnCyte assets to create value for patients, the medical community and other key Cardio3 BioSciences stakeholders,” said Christian Homsy, the CEO of Cardio3 Biosciences.
CM-CS1 Receives FDA Clearance
In July 2014, Celdara Medical announced that CM-CS1 had been given clearance by the U.S. Food and Drug Administration for a clinical trial, designed to look at its impact on patients. CM-CS1 is being examined for the treatment of Acute Myeloid Leukemia/Advanced Myelodysplastic Syndrome and Multiple Myeloma.
"We are very pleased with FDA>’s expeditious review and decision,” said Reder, at the time of the FDA decision.“This is an important milestone in our company’s history, and marks the beginning of a highly promising clinical development program. CM-CS1 has the biological potential to open the CAR T-Cell therapy space considerably, both in terms of the breadth of targetable indications but also in terms of what we expect will be novel, more patient-friendly options for clinical use.”
Celdara Medical primarily focuses on early-stage innovations. The company, which is headquartered in New Hampshire, was founded in 2008.