CoImmune Merges with Formula Pharmaceuticals
US biopharma Formula Pharmaceuticals has been merged into compatriot gene therapy company CoImmune. The merger brings together two therapeutic immuno-oncology platforms and broadens CoImmune’s platform portfolio and pipeline of therapies for addressing unmet needs in oncology.
CoImmune said it will continue to focus on running a Phase 2b trial for its lead asset, CMN-001, in advanced renal carcinoma as well as using the newly acquired cytokine-induced killer cells (CAR-CIK) technology for clinical development in acute lymphoblastic leukemia.
Formula’s proprietary non-viral allogeneic CIR-CIK technology platform is said to have potential to overcome the commercial limitations related to existing CAR-T approaches that require autologous blood and viral transaction.
The closure of the merger was also accompanied by a $6 million investment in the combined entity to fund the CAR-CIK program.
“We are excited about bringing together two therapeutic immuno-oncology platforms to maximize our clinical and commercial value,” said Charles Nicolette, CoImmune’s CEO. Both companies’ lead clinical programs, he said, are based on encouraging prior or ongoing clinical trials, and the new CoImmune has a strong team to advance the pipeline.
“We believe that the CAR-CIK approach represents a best-in-class allogeneic CAR-based technology that can deliver significant value,” Nicolette added. “We believe that both companies complement each other and together this relationship will enable us to continue to advance our therapies toward the US Food and Drug Administration’s approval in the near future.”
CoImmune was incorporated and funded in February 2019 by two South Korean biotechs – SCM Lifescience and Genexine. SCM Lifescience is focused on developing next-generation clonal mesenchymal stem cell therapies while Genexine’s work is centered on developing innovative immunotherapies based on its proprietary hybrid Fc technology.
