Senesco Technologies, Inc. has approved to conditions and implemented a non-binding Letter of Intent to combine with Fabrus, Inc., a privately-held, biotechnology organization focused on growing the clinical effect of antibodies by tackling drug targets resistant to traditional antibody discovery ways and dedicated to designing extremely inventive treatments to impact multiple diseases.
We are excited by the opportunity to expand our R&D portfolio with high quality technology and look forward to potentially advancing a series of monoclonal antibody-based therapeutic candidates that will address multiple diseases. Fabrus antibodies could complement our eIF5A gene regulatory platform, which has been shown to kill cancer cells, by directing nanoparticle-based therapeutics to the cells of interest, Leslie J Browne, Ph.D., president and CEO of Senesco, said.
Harlan Waksal, MD, chairman of Senesco said, We are extremely impressed by potential advantages of Fabrus high throughput antibody screening and humanized cow antibodies. This merger is a great fit for both companies.
We believe this merger will significantly help speed Fabrus trajectory as we continue our proprietary antibody discovery activities. The early backing of Pfizer, Opko Health, Inc. and Dr Phillip Frost, through a 2010 strategic investment into Fabrus by Opko alongside Frost Gamma Investments Trust, has been instrumental in Fabrus development to this point. We are enthusiastic about the enhanced growth opportunities that this merger with Senesco represents, especially the development of advanced nanoparticle drugs that can be targeted with our antibody and nanocage systems, Dr Vaughn Smider, the founder and president of Fabrus and faculty member at The Scripps Research Institute in La Jolla, California, commented
We are impressed by Dr Smider and his strategy to build a cutting edge technology company developing important drugs. Frost Gamma Investments Trust recently made an investment in Senesco Technologies, as well, based on Senesco s strong technology and preliminary positive clinical data. I believe the combined company brings significant value for Fabrus and Senesco shareholders, Dr Phillip Frost, chairman and CEO of Opko Health, Inc. and the chairman of the Board of Teva Pharmaceuticals, said.
Under the conditions of the merger contract, the existing stakeholders of Senesco and Fabrus will each get estimately 50 % of the combined organizations. Fabrus will combine with a wholly-owned subsidiary of Senesco, and Senesco shareholders will be allowed to hold their present securities. A non-binding letter of intent has been finalized. The parties predict to finalize an ultimate contract in early 2014, and close at the same time or shortly thereafter.