Genetronics Acquires Inovio AS
Genetronics Biomedical Corp. announced the acquisition of Oslo-based Inovio AS, a leader in patented gene delivery technology for the nonviral method for gene transfer to skeletal muscles. Inovio's use of electroporation for gene therapy and DNA vaccines is a complement to Genetronics' existing electroporation therapy program. The acquisition expands Genetronics' intellectual property in electroporation, expands the number of agreements with major pharmaceutical companies, and provides for the near-term initiation of a Phase I/II DNA vaccine clinical trial.
The deal includes cash in Inovio's treasury of approximately $775,000 and approximately $2.0M in current and anticipated appropriations for biodefense research from the US Army and other committed grants. The share purchase agreement consists of $3M in cash, $7M in Genetronics stock, and potential additional share payments given the achievement of certain revenue milestones. In addition, Iacob Mathiesen, Ph.D., Inovio's CEO, will serve as Executive Director, Gene Delivery of Genetronics.
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Topic world Gene therapy
Genetic diseases once considered untreatable are now at the center of innovative therapeutic approaches. Research and development of gene therapies in biotech and pharma aim to directly correct or replace defective or missing genes to combat disease at the molecular level. This revolutionary approach promises not only to treat symptoms, but to eliminate the cause of the disease itself.
Topic world Gene therapy
Genetic diseases once considered untreatable are now at the center of innovative therapeutic approaches. Research and development of gene therapies in biotech and pharma aim to directly correct or replace defective or missing genes to combat disease at the molecular level. This revolutionary approach promises not only to treat symptoms, but to eliminate the cause of the disease itself.