CTT Cancer Targeting Technologies and Karyon Announce Merger Intention
The Boards of CTT Cancer Targeting Technologies Ltd. and Karyon Ltd. have announced their intention to merge the two biotech companies to form a Finnish player in the field of peptide based targeting systems for oncology.
The proprietary peptides developed by CTT widen the number of pipeline products and will, in combination with CTT’s know-how of targeted liposome applications, complement the expertise the market requires from a company in this field.
Employees with CTT Cancer Targeting Technologies Ltd and Karyon Ltd will constitute the core assets in the new company.
A number of studies required by authorities will continue to be outsourced, as will administrative functions outside the scope of the new company’s areas of focus.
"This is a significant step in Finnish biotech," says Jari-Matti Mehto, CEO of CTT Cancer Targeting Technologies.
"Combining resources from the two companies helps us bring our lead products faster into man."
This is endorsed by Rabbe Slatis, CEO of Karyon Ltd, who also emphasises that the merged company will be in a position to better attend to the commercialisation of the company’s emerging products.
Rabbe Slatis will be nominated as CEO for the new company Karyon-CTT Ltd, Jari-Matti Mehto is nominated to be Director in charge of business and application development and marketing (COO).