Genesis Biopharma, Lion Biotechnologies deal
Genesis merged with Lion Biotechnologies. The combined company, which retains the name Lion Biotechnologies, will focus on developing T cell-based immunotherapies to treat cancer. Former Genesis shareholders will hold a 91.4% stake in the combined company, and former Lion shareholders will initially hold an 8.6% stake, which may increase up to 17.4% based on milestones related to the company's financial performance and position. The combined company will gain Genesis' lead candidate, Contego, a ready-to-infuse autologous cell therapy that utilizing tumor infiltrating lymphocytes, which completed a Phase II trial to treat stage IV metastatic melanoma. Lion expects to start Phase III testing in 12-18 months. The former Lion Biotechnologies was working with medical centers to evaluate next generation T cell technologies. ...