HALIFAX, Canada, December 10 /PRNewswire/ -- ImmunoVaccine Technologies Inc. (IVT), a Nova Scotia-based vaccine enhancement company, has signed a binding memorandum of understanding to acquire Immunotope Inc., a Pennsylvania-based biotechnology company developing immunotherapy products for the treatment and prevention of cancer and infectious diseases.
The acquisition will bring together IVT's signature VacciMax(R) platform with Immunotope's portfolio of immunotherapeutic antigens and antigen discovery platform, allowing the new private company to create an entire pipeline of proprietary therapeutic cancer and infectious-disease specific vaccines. The combined clinical-stage company will continue to support Immunotope's ongoing Phase 1 immunotherapeutic vaccine clinical trial in ovarian and breast cancer patients at Duke University Comprehensive Cancer Center.
"IVT is continuously evaluating partnership opportunities," remarked Dr. Randal Chase, president and CEO of IVT. "With this acquisition, we enhance our research capabilities, expand our operations into the U.S., and gain a distinct competitive advantage for our immunotherapy products."
Dr. Ramila Philip, President and CSO of Immunotope commented, "The complementary scientific and management skills of IVT and Immunotope will enable us to leverage our respective strengths and increase our capability to develop therapeutic and prophylactic vaccines. Therapeutic cancer vaccines that combine the right antigens with a powerful delivery system have the potential to treat cancer early and prevent recurrence."
The full acquisition will be complete by June 2008.
About ImmunoVaccine Technologies Inc.
ImmunoVaccine Technologies Inc. (IVT) is a vaccine enhancement company focused on the commercialization of its patented VacciMax(R) platform. VacciMax(R) is a novel technology that can aid the development of new vaccines in human health applications with potential for both therapeutic cancer applications and preventative infectious disease vaccines. The opportunities for market applications and medical benefits are broad, with potential applications in cervical, melanoma, breast, prostate and colon cancer treatments, as well as prevention therapies for influenza and other infectious diseases.
About Immunotope Inc.
Immunotope is a clinical stage biotechnology company developing immunotherapy products for the treatment of cancer and chronic viral infections. Immunotope focuses on the critical, unmet need to diagnose cancer at its earliest stages and to provide effective treatments that destroy tumors and prevent recurrence and metastasis. The company's lead product, the IMT-1012 multivalent therapeutic vaccine, is now being evaluated in a Phase I clinical trial at the Duke University Comprehensive Cancer Center in advanced-stage ovarian and breast cancer patients.
Contact: ImmunoVaccine Technologies Inc.: Brian Lowe, Vice President, +1-902-492-1819, bl.ivt@immunovaccine.com; Media Contact: Impact Communications Group: Jennifer Ayotte, +1-902-209-4704, jayotte@impactcommunications.ca; Immunotope, Inc.: Lorraine Keller, Ph.D., Executive Vice President, +1-215-589-6352, lkeller@immunotope.com; Media Contact: Richard Lewis Communications, Inc.: Gregory Tiberend, +1-212-827-0020, gtiberend@rlcinc.com or Meghan Feeks, mfeeks@rlcinc.com
Comments