SOURCE: Panther Biotechnology, Inc.

Panther Biotechnology, Inc.

July 01, 2015 06:30 ET

Panther Biotechnology Announces the Acquisition of Alchemia Oncology Pty Limited

CHICAGO, IL and LA JOLLA, CA--(Marketwired - Jul 1, 2015) - Panther Biotechnology, Inc. (OTC PINK: PBYA), a biotechnology company specializing in the acquisition and development of enhanced therapeutics for the treatment of neoplastic, autoimmune and antiviral disorders, today announced that it has entered into an agreement to acquire Alchemia Oncology Pty Limited, a wholly owned subsidiary of Alchemia Limited, an Australian biotechnology company listed on the Australian Stock Exchange (ACL).

Alchemia Oncology Pty Limited has a robust collection of clinical and pre-clinical oncology assets, which include the HyACT Drug Delivery Platform, a portfolio of targeted therapeutics which are designed to exploit the unique structure and inherent biological properties of Hyaluronic Acid. Drug candidates in the portfolio range from pre-clinical through phase 3. Panther intends to file a new phase 3 protocol against an open IND with the FDA for HA-Irinotecan in 2015, in addition to advancing the other phase 2 and phase 1b clinical drug candidates.

"The acquisition of Alchemia Oncology further strengthens our drug development and platform technology portfolio," stated Evan Levine, Chief Executive Officer of Panther. "This milestone transaction results from intensive mutual due diligence and a commitment to patient care in which chemotherapy results can improve patient response and survival."

"Alchemia Oncology Pty Limited has spent over 15 years and over $70 million developing the HyACT technology platform and clinical drug candidates, and we are very pleased to have secured the commitment of Panther to raise the necessary funds to continue the clinical development of HyACT," stated Tracie Ramsdale, Executive Director of Alchemia.

Under the disclosed terms of the agreement, Panther and Alchemia have executed an agreement to complete the transaction within 120 days. Panther Biotechnology will acquire 100% of the Alchemia Oncology Pty Limited, assume certain liabilities and continue to develop the broad range of clinical drug candidates as targeted chemotherapeutics. The closing of the transaction is predicated on the successful listing of Panther Securities on NASDAQ.

ABOUT PANTHER BIOTECHNOLOGY

Panther Biotechnology, Inc. is an entity focused on the acquisition and development of enhanced therapeutics for the treatment of neoplastic, autoimmune and antiviral disorders. The Company is currently developing three clinical candidates, TRF-DOX, which is a combination of transferrin glycoproteins with Doxorubicin for targeted delivery to tumors with the reduction of serious side effects, Numonafide, which is a derivative of the widely studied anticancer drug Amonafide optimized to eliminate toxic metabolites and reduce side effects, and TDZD-8, a kinase inhibitor targeting cancer stem cells. Panther is continuing its acquisition strategy focusing on identifying undervalued companies and clinical assets, including those programs that have missed clinical endpoints, and bring scientific and medical personnel capable of running the trials and extracting value from the assets.

ABOUT ALCHEMIA LIMITED

Alchemia Limited is a drug discovery and development company listed on the Australian stock exchange (ASX: ACL). Its key focus is the marketing of Fondaparinux, an FDA approved, injectable, antithrombotic, in the US and other markets, via Dr. Reddy's Laboratories. Alchemia is also researching new chemical entities with its proprietary platform VAST or Versatile Assembly on Stable Templates Drug Discovery Platform designed to discover drugs with more 3D complexity for superior target selectivity and safety.

Contact Information

  • Contact:
    Evan Levine
    Phil Ruben
    Panther Biotechnology, Inc.
    858 263 2744