Brooklyn ImmunoTherapeutics Pays $1 Million Towards Acquisition of License for mRNA Technology Platform to Develop Genetically Edited Cells for Multiple Cancers and Blood Disorders
BROOKLYN, N.Y.--(BUSINESS WIRE)-- Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX) ("Brooklyn"), a biopharmaceutical company focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, today announced it has paid $1 million towards the acquisition of a license for Factor Bioscience’s and Novellus’ mRNA Gene Editing and Cell Therapies technology and has extended through May 21, 2021 its option exercise period for entering into a related license agreement with Factor Bioscience and Novellus.
If a license agreement is completed, it would allow Brooklyn to utilize an extensively patented process to seek to develop gene edited compounds using mRNA, which preclinical data suggest to be more efficient, non-immunogenic and non-mutagenic, for treatment of several solid tumor and liquid indications, sickle cell anemia, as well as a number of additional inherited disorders. Gene editing is an investigational technique that is used to add, delete, or correct a patient’s genetic material in an effort to treat a disease. Research suggests that editing genes in patients could potentially result in cures for a number of genetic diseases. The licensed platform would include mRNA cell reprogramming, mRNA-based gene editing, a proprietary gene editing protein, and the proprietary ToRNAdo lipid delivery system that provides efficient delivery of mRNA ex vivo and in vivo to skin, brain, eye and lung tissue.
If Brooklyn does not enter into the license agreement by May 21, 2021, it will be entitled to be reimbursed for the $1 million payment.
About Brooklyn ImmunoTherapeutics
Brooklyn is focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, both as a single agent and in combination with other anti-cancer therapies. The company is also exploring opportunities to advance therapies using leading edge gene editing/cell therapy technology through its option agreements with Factor Bioscience and Novellus.
Brooklyn’s most advanced program is studying the safety and efficacy of IRX-2 in patients with head and neck cancer. In a Phase 2A clinical trial in head and neck cancer, IRX-2 demonstrated an overall survival benefit. Additional studies are either underway or planned in other solid tumor cancer indications.
For more information about Brooklyn and its clinical programs, please visit www.BrooklynITx.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical fact and relate to the potential completion and execution of a license agreement as described in the press release. There can be no assurance or guarantee that Brooklyn will succeed in entering into such a license agreement on the terms described above, or at all, as a result of various factors, including, but not limited to, the need for Brooklyn to successfully negotiate terms of the license agreement that are acceptable to both Brooklyn and each of the proposed licensors. The forward-looking statements made in this communication speak only as of the date on which they were made, and Brooklyn does not undertake any obligation to update the forward-looking statements contained herein to reflect events that occur or circumstances that exist after the date hereof, except as may be required by applicable law or regulation.
Source: Brooklyn ImmunoTherapeutics, Inc.