Petr Kellner’s PPF Group and Sotio invest $6.5 million in private biotechnology company MaveriX Oncology, which develops new cancer treatments. PPF has acquired a significant stake in the company.
With planned milestones in development, MaveriX can secure up to $138 million from PPF and Sotia. PPF, as the primary investor, is funding $6.5 million of the $20 million that MaveriX plans to raise on the capital market. Clinical trials of MVX-5005 will begin in 2020, focusing on patients with solid tumors.
The transaction includes an option for Sotio to license and develop MVX-5005 and related products for the European market. Begining after the completion of the first phase of the clinical study. Upon exercise of the option, MaveriX and Sotio will work together to help finance the development of MVX-5005. In this case, MaveriX will receive up to $ 138 million if the MVX-5005 launch is successful in the European market.
MVX-5005 destroys tumor cells while eliminating some cell types that suppress the immune response against tumors. MVX-5005 and other products developed by Maverix utilize a proprietary system of accurate tumor cell involvement. Preclinical studies have shown that MVX-5005 is effective against cancer cells that have developed resistance to classical chemotherapy and has no serious side effects. The MVX-5005 is in the final stages of testing before applying for clinical trials.
Dr. Steven Everett, President and CEO of MaveriX Oncology, said: “We are grateful to the PPF Group for leading the Series A round as we advance our lead program MVX-5005 into the clinic and continue to expand our differentiated SMDC platform. The strong support of PPF and SOTIO enables us to achieve our next step of growth as we aim to quickly bring new and improved treatment options to patients that suffer from cancer.”
As part of the agreements, Sotia Business Development Director Norbert Prenzel will join the Board of Directors of MaveriX.
MaveriX Oncology, Inc., is a globally orientated biotechnology company focused on the discovery, development, and commercialization of targeted small molecule cancer chemo-immunotherapies.
PPF Group invests in a variety of industries ranging from banking and financial services to telecommunications, real estate, engineering, biotechnology, and insurance. PPF operates in Europe, Asia, and North America. The Group owns assets totaling EUR 45 billion (CZK 1.16 trillion).
In addition to Sotia, PPF also owns the French biotechnology company Cytune Pharma SAS, which is engaged in research and development of new therapies aimed at boosting the immune response in cancer and infectious diseases, and the independent clinical development organization Accord Research. PPF has invested in Swiss biotechnology companies Cellestia Biotech and NBE-Therapeutics. PPF is also working with the German Lead Discovery Center to develop new types of drugs.
In September 2019, PPF Group bought a 20% stake in the British biotechnology company Autolus Therapeutics, which is in advanced stages of developing T-cell therapies, which target cancer cells for both hematological cancers and solid tumors.