Protox acquires research program from Medicenna

23-Aug-2007

Protox Therapeutics Inc. announced that it has entered into an asset purchase agreement with Medicenna Ventures Inc. for the acquisition of Medicenna's HUMxin(TM) Program, a research program to develop fully humanized fusion proteins based upon the Bcl-2 family, which are key components of programmed cell death ("apoptosis"). HUMxin represents a third technology platform for the Company and offers the potential to develop targeted therapeutics for the treatment of various diseases including solid tumors, metastases and hematological malignancies. In addition, the technology may have application for the treatment of neurodegenerative diseases, such as stroke, and has the potential to protect and regenerate cells, tissues and organs following cancer treatment or stem cell transplantation.

"We are very pleased to have acquired this exciting technology platform from Medicenna," said Dr. Fahar Merchant, President and Chief Executive Officer of Protox. "The HUMxin platform is a natural extension of our existing programs and further strengthens our core expertise in targeted delivery of potent payloads for the treatment of several debilitating diseases that currently lack adequate therapeutic options."

Prior to joining Protox as President and Chief Executive Officer, Dr. Merchant founded Medicenna and had worked with the U.S. National Institute of Health ("NIH") to develop the HUMxin Program. Medicenna entered into a Collaborative Research and Development Agreement ("CRADA") with the NIH related to the HUMxin Program. Pursuant to the terms of the agreement, Medicenna has transferred the HUMxin CRADA and all its rights and interests to Protox and the Company has agreed to pay Medicenna $209,680 for its audited out-of-pocket HUMxin CRADA and related expenses incurred to date. Half of this amount will be paid to Medicenna in cash and the other half in the form of 127,854 common shares of the Company, which will be subject to a four month hold period.

https://www.bionity.com/en/news/67816/protox-acquires-research-program-from-medicenna.html