Cytocom, Inc., a private clinical-stage biopharmaceutical company developing novel immune modulating therapies targeting caner, autoimmune, inflammatory, and infectious diseases based on proprietary platforms, today announced the acquisition of ImQuest Life Sciences, Inc., a research and development company focused specifically on cancer, inflammation and infectious disease treatments, including its subsidiaries in an all-stock transaction.
Subsequent to the acquisition closing, ImQuest Pharmaceuticals, the drug development arm of ImQuest Life Sciences, will be merged into Cytocom’s existing drug development operations. Meanwhile, ImQuest BioSciences, a contract research organization (CRO), will continue to operate as a separate wholly-owned, revenue-generating subsidiary of Cytocom. Financial details of the acquisition were not disclosed.
Founded in 2004, ImQuest Life Sciences provides services and tools to drug makers through its ImQuest BioSciences subsidiary to evaluate vaccines, biologics and pharmaceuticals in preclinical development against infectious diseases, cancer and inflammatory diseases. The company also has a drug development pipeline, built through strategic alliances and exclusive licensing deals, focused on treatments for cancer, HIV, hepatitis B and C, influenza, and drug-resistant microorganisms.
“The acquisition of the ImQuest business unit solidly supports our vision of strategic growth for Cytocom,” said Michael K. Handley, Cytocom CEO. “Cytocom already has four Phase 3-ready clinical programs for Crohn’s disease, fibromyalgia, multiple sclerosis and pancreatic cancer in our pipeline and other assets in earlier stages of clinical development. With ImQuest Life Sciences, and its subsidiaries, we have not only strengthened and expanded our internal drug development program with new assets, but also secured revenue-generating operations, scientific resources, and tools and capacity that we can harness to further advance our mission to develop new immunotherapies targeting cancers, infectious diseases, and autoimmune disorders.”
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Mr. Handley continued, “Core to ImQuest’s value is its contract research operations under ImQuest BioSciences, as well as the ImQuestSUCCESS platform of services and tools, which are designed to help drug makers evaluate preclinical drug candidates to identify compounds that are likely to succeed in preclinical and clinical trials. The ability to minimize time-consuming and expensive preclinical and clinical failures is a potential gamechanger for drug makers, and ImQuest has proven its unique capabilities. Cytocom is excited to utilize and further develop these same tools to strengthen our internal drug discovery and development efforts.”
ImQuest BioSciences will maintain its existing management team under the leadership of Robert W. Buckheit, Jr., PhD, President and Chief Scientific Officer, and continue to provide services to drug makers and researchers. Dr. Buckheit will also serve as Chief Technical Officer of Cytocom.
“The acquisition by Cytocom aligns ImQuest with a company that shares our excitement for the promise of our preclinical CRO services and tools, as well as the potential for our portfolio of novel therapeutic agents in development for HIV, hepatitis B and C, influenza and drug resistant infections,” said Dr. Buckheit. “Cytocom is the ideal partner to unlock the value of ImQuest BioSciences and its ImQuestSUCCESS platform and our internal development programs.”
Source: Biospace