Immunorizon’s lead compound targets the 5T4 antigen and is conditionally Activates T cells and natural killer (NK) cells
Conditional activation of T cells is designed to provide compounds with a broad therapeutic index
REHOVOT, ISRAEL, FEBRUARY 2, 2023 (GLOBE NEWSWIRE) — Purple Biotech Ltd. (NASDAQ/TASE: PPBT) harnesses the power of the tumor microenvironment to develop best-in-class, effective and durable therapies that overcome tumor immune evasion and drug resistance Immunorizo, a clinical-stage company today, is developing potential multispecific T-cell and NK-cell engager tumor therapies that selectively activate immune responses within the tumor microenvironment. Entered into an agreement to acquire n Ltd. The acquisition will enable Purple Biotech to expand its portfolio of investigational trispecific antibody compounds that target multiple antigens and offer the potential for further expansion to additional targets.
Immunorizon’s lead asset is a conditionally activated trispecific antibody that engages both T and NK cells to initiate a potent local immune response within the tumor microenvironment. The third arm of the lead compound specifically targets the tumor-associated antigen (TAA) 5T4, which is expressed in a variety of solid tumors and correlates with advanced disease, increased invasiveness and worse clinical outcomes. 5T4 is a well-known target that has been validated by multiple preclinical and clinical programs. The drug candidate acquired by Purple Biotech is differentiated from other multispecific cell therapies targeting 5T4+ tumors by its cleavable capping technology, which allows the compound’s therapeutic activity to be isolated from the local tumor microenvironment. , thereby potentially increasing the expected therapeutic window for patients. The acquisition also provides Purple Biotech with additional preclinical assets targeting other TAAs through this technology platform.
Purple Biotech CEO Gil Efron said: “The acquisition of these assets is a great fit with our strategy of expanding our pipeline, and we believe the acquired technology platforms have the potential to expand into multiple additional development programs. are differentiated not only by the combined engagement of NK and T cells, but also by conditional activation in the tumor microenvironment, which we believe offers the opportunity for better therapeutic outcomes in cancer patients. dual specification as a technical It has undergone multiple iterations of improvement.The new multispecific is gaining industry attention and we are excited about our first steps into this area. We believe we will be able to leverage the knowledge and expertise we have gained over the years through both.In parallel with our promising clinical program underway that we expect to report clinical data later this year, we have the first newly acquired assets of approximately 2 We plan to proceed to an IND filing within a year.”
Purple Biotech will acquire shares in Immunorizon Ltd., a privately held VC-backed biopharmaceutical company, in exchange for an aggregate cash of $3.5 million and an upfront payment of American Depositary Shares (ADS) totaling $3.5 million. get 100% of The price per ADS is equal to his NASDAQ volume-weighted average price of his ADSs for the company for his 60-day period prior to the execution date of the contract. Additional long-term development, regulatory and commercial milestones totaling $94 million and low-single-digit royalties on net sales. Cumulative transaction value, excluding prepayments, will not exceed $100 million.
ADSs are issued to certain Immunorison sales shareholders and are subject to a three-month lockup period. We have agreed to file a resale registration statement with the US Securities and Exchange Commission to register the resale of ADS. After lockup period. Selling Immunorizon shareholders who receive ADS as part of the transaction will be entitled to ADS price adjustments on the remaining ADS they then hold (if any) for a period of 12 months after the closing of the transaction. I have. , if additional ADS or other securities are issued by us in certain types of financial transactions, at a price per ADS that is lower than the price per ADS under the contract; however, such price adjustment will be provided only once; shall be
Closing of the transaction is subject to customary closing conditions and is expected within 10 business days.
This notice does not constitute an offer to sell or the solicitation of an offer to buy any ADS or securities, and no sale of ADS or securities will take place in any state or jurisdiction in which such offer, solicitation or sale takes place. is not. Unlawful conduct prior to registration or qualification under the securities laws of such state or jurisdiction. Purple Biotech’s ADSs are for certain sales of Immunorizon on a private placement basis, subject to prospectus requirements under applicable Israeli securities laws and applicable exemptions from the registration requirements of the United States Securities Act of 1933, as amended. Issued to shareholders (“U.S. Securities Act”). The securities offered are not registered under the securities laws of the United States or the securities laws of any US state or Israel and may not be offered or sold in the United States or Israel or to any United States person or for the account or benefit thereof. You can not. Israeli individuals without registration or applicable exemptions from the U.S. securities laws and applicable U.S. state and/or Israeli securities laws registration and/or prospectus requirements.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company developing best-in-class therapeutics aimed at overcoming immune evasion and drug resistance in tumors. Our oncology pipeline includes NT219 and CM24. NT219 is a dual inhibitor, a novel small molecule that simultaneously targets IRS1/2 and STAT3. In a Phase 1/2 trial of NT219, the company is currently dose-escalating as monotherapy in solid tumors and in combination with cetuximab for the treatment of recurrent and metastatic squamous cell carcinoma of the head and neck (SCCHN ) or colorectal adenocarcinoma. These studies will be followed by an expansion phase of NT219 at the phase 2 recommended level in combination with cetuximab in patients with recurrent and metastatic SCCHN. CM24 is a humanized monoclonal antibody that blocks the immune checkpoint protein CEACAM1, supporting tumor immune evasion and survival through multiple pathways. The Company is advancing his CM24 in combination with an anti-PD-1 checkpoint inhibitor in a Phase 2 trial for the treatment of pancreatic ductal adenocarcinoma (PDAC). The Company has entered into a clinical collaboration agreement with Bristol-Myers Squibb for a Phase 1/2 clinical trial evaluating his CM24 in combination with the PD-1 inhibitor nivolumab in addition to chemotherapy. The company’s headquarters are in Rehovot, Israel. For more information, see: https://purple-biotech.com/.
Forward-Looking Statements and Safe Harbor Statements
Certain statements in this press release are forward-looking statements, which are not statements of historical fact, but are forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could” is limited to statements that may be identified by words such as ”, ”seek”, ”target”, ”will”, ”predict”, ”predict”, ”continue ‘, ‘expect’, or negative terms or variations of these or other equivalent words, or the fact that these descriptions are not, are strictly related to historical matters. These forward-looking statements are not guarantees of future performance and should not be relied upon unduely. Forward-looking statements reflect our current views, expectations, beliefs or intentions regarding future events, are subject to many assumptions, and involve known and unknown risks. Many of them are beyond our control and include uncertainties and other factors. This could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that may cause or contribute to such differences include, among others, the risks associated with: Management plans related to the transaction. the potential future financial impact of the transaction; and the assumptions underlying any of the foregoing. the expected timing of completion of the transaction and the ability of the parties to complete the transaction; Management plans, strategies and objectives for future operations. Product development of NT219 and CM24, as well as Immunorizon Ltd.’s portfolio of pending investigational trispecific antibody compounds. The process by which such early-stage therapeutic candidates may lead to approved drugs is long and poses very significant risks, especially with respect to co-development collaborations. The fact that drug development and commercialization involves long and costly processes with uncertain outcomes. Our ability to successfully develop and commercialize medicines. Cost, duration, progress, and results of clinical trials. the impact of regulatory and legal changes that may affect the pharmaceutical industry; difficulties in obtaining the regulatory approvals required to commercialize our products; Difficulty predicting the actions of the US Food and Drug Administration or other applicable drug regulatory agencies. changes in the regulatory environment and health policies and systems in the countries in which we operate; uncertainties surrounding actual market acceptance of our medicines once they are approved for marketing in certain markets; Introduction of competing products. patents obtained by our competitors; reliance on the validity of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued patents; Commencement of patent interference or infringement actions against our patents, and our ability to win, determine in favor of, or recover damages in such actions; Our exposure to litigation, including patent litigation and/or regulatory action, and as described in our Annual Report on Form 20-F and other filings with the U.S. Stock Exchange for the year ended December 31, 2021. Other Factors The European Commission (“SEC”) includes careful discussion of the risks and uncertainties in “Risk Factors” in our registration statement and annual report. These are factors that could cause actual results to differ materially from expected results. Other factors besides those we have listed could also adversely affect us. The forward-looking statements contained in this press release speak only as of the date they are made. Except as required by applicable law, we disclaim any intention or obligation to publicly update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. increase. However, we encourage you to refer to the additional disclosures you make in your filings with the SEC, which are available at the SEC’s website at https://www.sec.gov.
Purple Biotech Company Contact:
Vice President of Public Relations
LaVoie Health Science
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