6th Oct 2015 08:09
LONDON (Alliance News) - Kuala Innovations Ltd said Tuesday it has bought a 3.5% stake in US-based cancer immunotherapy company Intensity Therapeutics Inc.
Kuala has subscribed for 250,000 shares in the company at a price of USD2 per share, or a total of USD500,000. Intensity Therapeutics is currently undertaking a fund-raising round, and Kuala said it is expected that once the funding round is complete Intensity Therapeutics would have a market capitalisation of around USD19.0 million.
Intensity's key technology allows for the administration of drugs directly into cancerous tumours. Its lead product, INT230-6, has demonstrated "remarkable activity" in multiple animal cancer models, Kuala said.
"The board of Kuala believe that harnessing the power of patients' immune system is an important step in treatments that are both effective and durable and could ultimately lead to the holy grail of a cure for cancer," said Co-Chairman of Kuala Jim Mellon in a statement.
"Intensity is at the forefront of this innovation and we are pleased to work with Lewis Bender, CEO and Ian Walters, CMO in support of their efforts to bring better treatment options to cancer patients. Intensity's pre-clinical results are extremely encouraging. Should these results translate into humans in phase one clinical trials, Intensity could be on the verge of a blockbuster treatment in cancer therapy," Mellon added.
Shares in Kuala were up 4.0% at 5.20 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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