Somatix deal

SOMA and Baxter Healthcare Corp. will develop T-body technology to treat cancer. T-bodies are autologous T cells, genetically modified to express chimeric receptors on their surface.

Baxter made an undisclosed up-front payment and took an equity position. Mark Bagnall, SOMA CFO, said both payments would cover 1 to 2 months of cash burn, which Bagnall estimated at $1.25 million per month. A second equity investment and milestone payment will be made after the first patient has been treated in a Phase I trial. ...