May 19, 2014 2:21pm EDT
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MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (NYSE:OPK), a multi-national biopharmaceutical and
diagnostics company, today reported that Senesco Technologies, Inc.
(“Senesco”) (OTCQB: SNTI), completed its acquisition of Fabrus, Inc.
(“Fabrus”), an OPKO portfolio company focused on expanding the clinical
impact of antibodies by addressing drug targets resistant to traditional
antibody discovery methods.
Fabrus has been successful in generating antibodies against difficult,
therapeutically important cell surface receptors and ion channels
resulting in an internal pipeline that includes next generation
antibodies targeting cancer and inflammation. It also has collaborations
in place with large pharma and biotech companies to discover antibodies
to their targets. Dr. Vaughn V. Smider, founder of Fabrus and faculty
member at The Scripps Research Institute in La Jolla, CA, will become
acting CEO of Senesco.
In the short term, the business focus of the combined company will be to
realize the synergies of the combination, advancing the SNS01-T clinical
program and bringing new candidates into clinical development in the
next two years.
About Senesco Technologies, Inc.
Senesco Technologies is a clinical-stage biotech company specializing in
cancer therapeutics. Its proprietary gene regulation technology has
demonstrated the ability to kill cancer cells and protect healthy cells
from premature death in disease models. The Company is currently in a
Phase 1b/2a trial with a product candidate that is designed to treat
B-cell cancers, which include multiple myeloma, chronic lymphocytic
leukemia, and non-Hodgkin’s B-cell lymphomas. Trial sites include Mayo
Clinic and the Fred Hutchinson Cancer Research Center in Seattle. The
technology was developed over the last 15 years through the discovery
that the genetic pathway for cell growth control is common to both
plants and humans. For more information, please visit Senesco.com .
About Fabrus Inc.
Fabrus was the first occupant in 2007 of Pfizer Inc.’s science incubator
in La Jolla, CA and has developed an advanced platform for therapeutic
antibody discovery and development. Its discovery system allows
high-throughput biologic lead identification directly on the cell
surface, enabling drug discovery against difficult transmembrane
targets. The company has also developed unique scaffolds for biologic
therapeutics including ultralong CDR3 antibodies and the chimerasome
nanocage.
About OPKO Health, Inc.
We are a multi-national biopharmaceutical and diagnostics company that
seeks to establish industry-leading positions in large and rapidly
growing medical markets by leveraging our discovery, development and
commercialization expertise and our novel and proprietary technologies.
This press release contains "forward-looking statements," as that
term is defined under the Private Securities Litigation Reform Act of
1995 (PSLRA), which statements may be identified by words such as
"expects," "plans," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of similar
meaning, including statements regarding expected benefits of the
Fabrus-Senesco transaction, whether their product candidates will ever
be successfully developed or commercialized, whether Senesco will
advance the SNS01-T clinical program and bring new candidates into
clinical development in the next two years, as well as other
non-historical statements about our expectations, beliefs or intentions
regarding business, technologies and products, financial condition,
strategies or prospects. Many factors could cause actual activities or
results to differ materially from the activities and results anticipated
in forward-looking statements. These factors include those described in
our filings with the Securities and Exchange Commission, as well as the
risks inherent in funding, developing and obtaining regulatory approvals
of new, commercially-viable and competitive products and treatments,
that earlier clinical results of effectiveness and safety may not be
reproducible or indicative of future results, that compounds or
diagnostic products under development may fail, may not achieve the
expected results or effectiveness and may not generate data that would
support the approval or marketing of products for the indications being
studied or for other indications, that currently available
over-the-counter and prescription products, as well as products under
development by others, may prove to be as or more effective than our
products for the indications being studied. In addition, forward-looking
statements may also be adversely affected by general market factors,
competitive product development, product availability, federal and state
regulations and legislation, the regulatory process for new products and
indications, manufacturing issues that may arise, patent positions and
litigation, among other factors. The forward-looking statements
contained in this press release speak only as of the date the statements
were made, and we do not undertake any obligation to update
forward-looking statements. We intend that all forward-looking
statements be subject to the safe-harbor provisions of the PSLRA.
OPKO Health, Inc.
Steven D. Rubin or Adam Logal, 305-575-4100
Source: OPKO Health, Inc.
Released May 19, 2014
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