ImmunoVaccine Technologies to Acquire Immunotope
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ImmunoVaccine Technologies Inc. (IVT), a Nova Scotia-based vaccine enhancement company, has signed a binding memorandum of understanding to acquire Immunotope Inc., a Pennsylvania-based biotechnology company developing immunotherapy products for the treatment and prevention of cancer and infectious diseases.
The acquisition will bring together IVT's signature VacciMax® platform with Immunotope's portfolio of immunotherapeutic antigens and antigen discovery platform, allowing the new private company to create an entire pipeline of proprietary therapeutic cancer and infectious-disease specific vaccines. The combined clinical-stage company will continue to support Immunotope's ongoing Phase 1 immunotherapeutic vaccine clinical trial in ovarian and breast cancer patients at Duke University Comprehensive Cancer Center.
"IVT is continuously evaluating partnership opportunities," remarked Dr. Randal Chase, president and CEO of IVT. "With this acquisition, we enhance our research capabilities, expand our operations into the U.S., and gain a distinct competitive advantage for our immunotherapy products."
Dr. Ramila Philip, President and CSO of Immunotope commented, "The complementary scientific and management skills of IVT and Immunotope will enable us to leverage our respective strengths and increase our capability to develop therapeutic and prophylactic vaccines. Therapeutic cancer vaccines that combine the right antigens with a powerful delivery system have the potential to treat cancer early and prevent recurrence."
The full acquisition will be complete by June 2008.
