Fate Therapeutics Expands Stem Cell Modulator Pipeline with Acquisition of Verio Therapeutics

12-Apr-2010 - USA

Fate Therapeutics, Inc. announced a definitive agreement to acquire Verio Therapeutics Inc., a privately held biotechnology company based in Ottawa, Ontario, which is developing drug candidates targeting the activation of endogenous stem cells. Verio Therapeutics is advancing the work of several of Canada's stem cell scientists, including Michael Rudnicki, Ph.D., FRSC, and Lynn Arthur Megeney, Ph.D., who have made breakthrough discoveries relating to muscle and pancreatic regeneration. Under the terms of the agreement, Fate Therapeutics has formed a Canadian subsidiary, which will continue Verio's discovery and development operations in Ottawa. The transaction has been approved on behalf of the boards of directors of both companies. Financial terms of the transaction were not disclosed.

"Based on the significant discoveries of Drs. Rudnicki and Megeney, Verio Therapeutics has emerged as the leading Canada-based developer of stem cell modulators," said Paul Grayson, president and CEO of Fate Therapeutics. "Since Drs. McCulloch and Till first identified the existence of stem cells in the 1960s, Canada has cultivated a rich history of excellence in stem cell research. We look forward to working with Drs. Rudnicki and Megeney, as well as the Canadian stem cell community at large, to continue to push the field's frontier and expand our leading adult stem cell biology platform for the development of innovative drug candidates."

Founded in 2008, Verio Therapeutics has multiple biologics in its preclinical pipeline including candidates for promoting the growth of new insulin producing beta cells to treat diabetes and for regenerating cardiomyocytes following heart attack to treat severe cardiac dysfunction. Verio Therapeutics is led by Frank Gleeson, who has been a founding venture capitalist of a dozen biotechnology companies and currently serves on the board of directors of the Stem Cell Network of Canada.

https://www.bionity.com/en/news/116048/fate-therapeutics-expands-stem-cell-modulator-pipeline-with-acquisition-of-verio-therapeutics.html