Eleven Biotherapeutics Inc (NASDAQ:EBIO) completed acquisition of Viventia Bio, through an all-stock deal. In order to purchase the outstanding capital stock of Viventia, Eleven Biotherapeutics issued 4,013,431 of common stock.
These new shares represents 19.9 percent of Eleven Biotherapeutics voting rights, furthermore, Eleven Biotherapeutics will be responsible for cash payments to the selling shareholders, the amount will be based on the net sales relating to Viventia’s current top selling product, Vicinium.
The Aims Of Eleven Biotherapeutics
Originally Viventia’s drug development was focused primarily on targeted protein therapeutics (TPT), through local administration. TPT consists of antibody fragments in combination with cytotoxic proteins. The benefits of TPT extend to both improving local immune response as well as eliminating cancerous cells.
Eleven Biotherapeutics aims to take Viventia’s lead products in this development, namely; Vicinium, as well as, Proxinium. Through this acquisition, a listed company was created with the ability to develop TPT therapies in areas such as oncology, which previously has a noticeable level of unmet medical requirements.
Eleven Biotherapeutics has already developed a few TPT candidates with the primary aim to treat a wider range of potential cancers.
The Development Of TPT Drugs
Proxinium was designed to treat late stage squamous cell carcinoma in both head and neck areas, which rank seventh on the list of most common cancers. Beginning of next year, this drug will be starting Phase II trials.
The U.S Food and Drug Administration (FDA), as well as European Medicine Agency (EMA), have anointed this drug for Orphan Drug Designation. Furthermore, the FDA awarded it with Fast Track Designation.
The second drug Vicinium is currently in Phase III trial treatment, for high-grade non-muscle-invasive bladder cancer (NMIBC). This cancer ranks sixth for the most common cancer globally. In the United States, it was recorded that in 74,000 cases of NMIBC 16,000 deaths incurred in 2015.