Senesco Technologies, Inc. has agreed to terms and executed a non-binding Letter of Intent to merge with Fabrus, Inc., a privately-held, biotechnology company focused on expanding the clinical impact of antibodies by addressing drug targets resistant to traditional antibody discovery methods and committed to developing highly innovative treatments to impact multiple diseases.
Its research and technology is published in the highly respected scientific journals Nature Biotechnology and Cell.
“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,” stated Leslie J Browne, Ph.D., president and CEO of Senesco. "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."
“We are extremely impressed by potential advantages of Fabrus’ high throughput antibody screening and humanized cow antibodies,” stated Harlan Waksal, MD, chairman of Senesco. “This merger is a great fit for both companies.”
Fabrus has two collaborations in place with large pharma and biotech companies to discover antibodies to their targets, and has an internal pipeline that includes next generation antibodies targeting renal cell carcinoma and inflammation. The company’s technology has been successful in generating antibodies against very difficult, therapeutically important cell surface receptors and ion channels.
“We believe this merger will significantly help speed Fabrus’ trajectory as we continue our proprietary antibody discovery activities,” commented Dr Vaughn Smider, the founder and president of Fabrus and faculty member at The Scripps Research Institute in La Jolla, California. “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.”
"We are impressed by Dr Smider and his strategy to build a cutting edge technology company developing important drugs,” said Dr Phillip Frost, chairman and CEO of Opko Health, Inc. and the chairman of the Board of Teva Pharmaceuticals. “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.”
Under the terms of the merger agreement, the present shareholders of Senesco and Fabrus will each receive approximately 50 per cent of the combined companies. Fabrus will merge with a wholly-owned subsidiary of Senesco, and Senesco shareholders will be entitled to hold their existing securities. A non-binding letter of intent has been signed. The parties expect to sign a definitive agreement in early 2014, and close at the same time or shortly thereafter. Additional details of the transaction will be disclosed once an agreement is executed.
Senesco Technologies is a clinical-stage biotech company specializing in cancer therapeutics.