Blueprint
OXIS AGREES TO
ACQUIRE GEORGETOWN TRANSLATIONAL PHARMACEUTICALS, APPOINTS NEW
CHIEF EXECUTIVE OFFICER AND CHIEF MEDICAL
OFFICER
LOS ANGELES, CA / ACCESSWIRE / June 26, 2017
/ Oxis International Inc. (OTCQB: OXIS and Euronext Paris OXI.PA) announced today that it has
executed a binding LOI agreement to acquire Georgetown
Translational Pharmaceuticals, Inc. (GTP), a deal that will add new
management and a class of close-to-market Central Nervous Systems
(CNS) products that will add significant value to the Oxis business
model.
Oxis
has agreed to pay 33 percent of its outstanding shares to GTP to
complete the transaction, which is expected to close on or before
90 days as per the agreement.
GTP,
founded by Kathleen Clarence-Smith, MD, PhD, and Mark J. Silverman,
JD, was incorporated in Delaware in 2015.
Dr.
Clarence-Smith will become Chief Executive Officer of Oxis as part
of the acquisition and will be appointed to the Oxis Board of
Directors. Also joining the company’s executive management
team as part of the merger will be a Chief Medical Officer (name to
be disclosed upon closing), who was formerly Vice President and
Chief Medical Officer and Medical Director, Oncology Clinical
R&D of Pfizer, Inc. (NYSE: PFE).
Anthony
J. Cataldo, who has served as Chief Executive Officer of Oxis since
July 2014, will become Executive Chairman of the company. Steven
Weldon will continue as Chief Financial Officer.
Prior
to founding GTP, Dr. Clarence-Smith co-founded Chase
Pharmaceuticals Corporation in Washington D.C. and served as
Chairman of the company’s Board from 2008 to 2014. Chase
Pharmaceuticals was acquired by Allergan, PLC (NYSE: AGN) in
2016.
Under
the deal, Allergan agreed to pay $125 million upfront along with
potential Regulatory and commercial milestones of up to $875
million to the shareholders of Chase.
http://asia.nikkei.com/Business/AC/Cipla-sells-Chase-Pharma-stake-to-Allergan
Dr.
Clarence-Smith also held executive management positions with
Sanofi, Roche, Otsuka Pharmaceutical and Prestwick Scientific
Capital. She is co-founder and a managing member of KM
Pharmaceutical Consulting in Washington, D. C.
"The merger of Oxis and GTP will greatly
accelerate the clinical development of exciting new treatments to
meet the medical needs of those suffering from cancer and
neurologic disease,” said Dr. Clarence-Smith.
“Harnessing the immune system to fight cancer has the
potential to soon bring the cure for certain cancers within our
reach, and our CNS pipeline includes drugs that have the potential
to improve the quality of life of many
patients."
Oxis’
incoming CMO said: “The drugs in the Oxis pipeline are at the
forefront of targeted immunotherapeutics and represent the wave of
the future. The non-clinical and clinical data is impressive and
validates this approach to cancer therapy. Once approved, these
agents will herald a major breakthrough in the field of
immunotherapy and offer patients hope against some of the most
difficult diseases to treat.”
Mr.
Cataldo said: "The addition of Dr. Clarence-Smith as CEO and our
new incoming CMO will be instrumental in completing Oxis’ FDA
phase 2 clinical trial of OXS-1550 and our plans to advance the
highly-valued TriKE platform oncology assets, which are set to go
into FDA clinical trials soon. Further, we are very excited with
the incoming GTP product pipeline, which will add significant value
as they continue to move towards a commercial
license."
Oxis'
lead drug candidate, OXS-1550 (DT2219ARL), is a novel drug that
binds to targets and destroys cancer cells, due to the action of
the drug's cytotoxic payload. OXS-1550 has demonstrated success in
early human clinical trials in patients with relapsed/refractory
B-cell lymphoma or leukemia. It is currently in a FDA-approved
Phase 2 trial at the University of Minnesota.
In
addition, Oxis holds the rights to commercialize OXS-3550, also
known as TriKE, a targeted immunotherapy platform drug that directs
Natural Killer (NK) cells to kill cancer cells without drug-related
toxicity. “The first molecule called 161533 TriKE will target
the CD33 antigen on acute myeloid leukemia cells. The 161533 TriKE
will enable NK cells to become antigen specific and also drive the
immune response through its IL-15 linker“. Our existing
Oncology products have now reached the point where Dr.
Clarence-Smith’s experience in taking drugs through FDA
approvals and into the market, will bring significant value to our
shareholders,” Mr. Cataldo said.
The
agreement to acquire GTP marks another major value-added inflection
point for the shareholders of Oxis. The company continues to
progress with recently announced partnership and milestone
accomplishments.
About Oxis Biotech, Inc.:
Oxis
Biotech is an immuno-oncology focused company developing innovative
drugs focused on the treatment of cancer and other unmet medical
needs. Oxis' lead drug candidate, OXS-1550 (DT2219ARL) is a novel
bispecific scFv recombinant fusion protein-drug conjugate composed
of the variable regions of the heavy and light chains of anti-CD19
and anti-CD22 antibodies and a modified form of diphtheria toxin as
its cytotoxic drug payload. OXS-1550 targets cancer cells
expressing the CD19 receptor or CD22 receptor or both receptors.
When OXS-1550 binds to cancer cells, the cancer cells internalize
the drug and are killed due to the action of drug's cytotoxic
payload. OXS-1550 has demonstrated success in early human clinical
trials in patients with relapsed/refractory B-cell lymphoma or
leukemia. OXS-3550 TriKE technology was developed by researchers at
the University of Minnesota Masonic Cancer Center. As demonstrated
in non-clinical models, this targeted immunotherapy directs immune
cells to kill cancer cells while diminishing drug-related
toxicity.
About GTP Inc.:
GTP is
a privately-owned biotechnology company focused on acquiring or
discovering and patenting late-stage, de-risked, and
close-to-market improved treatments for CNS disease (Neurology and
Pain) and shepherding the products through the FDA approval process
to the NDA. GTP products currently include treatment for
neuropathic pain, refractory epilepsies, the symptoms of myasthenia
gravis, and motion sickness.
Forward-Looking Statements:
Except
for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are inherently unreliable and actual
results may differ materially. Examples of forward-looking
statements in this news release include statements regarding the
payment of dividends, marketing and distribution plans, development
activities and anticipated operating results. Factors which could
cause actual results to differ materially from these
forward-looking statements include such factors as the Company's
ability to accomplish its business initiatives, significant
fluctuations in marketing expenses and ability to achieve and
expand significant levels of revenues, or recognize net income,
from the sale of its products and services, as well as the
introduction of competing products, or management's ability to
attract and maintain qualified personnel necessary for the
development and commercialization of its planned products, and
other information that may be detailed from time to time in the
Company's filings with the United States Securities and Exchange
Commission. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Media Contact:
Wendy
Tanaka, Sitrick & Co.
(415)
369-8447, or wtanaka@sitrick.com
SOURCE: Oxis International Inc.