LOS ANGELES--(BUSINESS WIRE)--Genesis Biopharma, Inc. (OTCBB: GNBP) today announced that it has completed a merger with Lion Biotechnologies, Inc., a privately held biotechnology company based in Los Angeles.
The merger will create a publicly traded biotechnology company, to be called Lion Biotechnologies, focused on developing T-cell based immunotherapy products for the treatment of cancer. Developed by Steven A. Rosenberg, chief of surgery at the National Cancer Institute (NCI), the company’s core technology has demonstrated robust efficacy in Phase II clinical trials, indicating 50-72% response rates in Stage IV metastatic melanoma.
Under the terms of the merger agreement, Genesis shareholders will continue to hold 83.6% of the combined company and Lion shareholders will initially receive 8.2%, and may receive up to 16.4% of the combined company based on achievement of certain milestones. The stock will continue trading under the ticker symbol GNBP until further notice.
The combined company will operate under the leadership of chairman and CEO Manish Singh, PhD, who currently serves as Lion’s president and CEO and previously held the same title at ImmunoCellular Therapeutics (IMUC). General Merrill McPeak, who served as Genesis’s interim CEO, will continue to serve on the combined company’s board together with continuing directors David Voyticky and Paul Kessler. The board is expected be further strengthened with the addition of several individuals with strong industry backgrounds.
“Lion Biotechnologies was founded as a next-generation oncology company focused on seeking cutting-edge innovations at leading US medical centers,” said Dr. Singh. “Through our merger with Genesis, we are gaining access to a validated technology that is currently in use at the nation’s top cancer institutes, a strong intellectual property portfolio, and key strategic partnerships for research and manufacturing. We look forward to making steady progress along the clinical and regulatory pathway that Genesis has laid to product approval in melanoma, while further investigating the technology’s potential in other solid tumor indications.”
General McPeak added, “As a former officer of Genesis, I am pleased to now serve on the board of Lion as it continues the development of autologous cell therapies for the treatment of cancer. Under the leadership of Dr. Singh, who has a solid track record in biotech-industry management and fundraising, I am confident that Lion will swiftly take its place as a leading developer of novel immunotherapy products that address major unmet needs in the global oncology market.”
About Genesis Biopharma, Inc.
Genesis Biopharma, Inc. is engaged in the development and commercialization of autologous cell therapies for the treatment of various cancers. The company's lead product candidate, Contego™, is a ready-to-infuse autologous cell therapy utilizing tumor infiltrating lymphocytes for the treatment of patients with Stage IV metastatic melanoma. Contego™ is based on a currently available physician-sponsored investigational therapy at the National Cancer Institute, MD Anderson Cancer Center and the H. Lee Moffitt Cancer & Research Institute for the treatment of Stage IV metastatic melanoma. For more information, please visit http://www.genesis-biopharma.com/.
Forward-Looking Statements
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