HiberCell is a clinical-stage biotechnology company that uses artificial intelligence and machine learning technology to develop oncology drugs. Obtain A genomics insight service provider that uses its tools to reveal the causes of cancer and other diseases.
The acquisition of Genuity Science is an all-stock transaction between two privately held companies. HiberCell, headquartered in New York, will make Genuity a subsidiary. At the same time, Genuity brought about $100 million in cash and existing drug research alliances with Ionis Pharmaceuticals and AbbVie.
HiberCell was launched in 2019 and received nearly US$61 million in Series A financingBased on the research of the Tisch Cancer Institute at Mount Sinai, the biotechnology company set out to develop therapies for cancer. Cancer recurrence or metastasis are the two biggest causes of cancer death. The company’s two most advanced projects are in the mid-term clinical development phase for the treatment of melanoma and breast cancer. Both are being evaluated in combination with an immunotherapy called a checkpoint inhibitor. In May, HiberCell raised $67.4 million Series B financing And 30 million US dollars in debt financing to support the clinical development of its pipeline.
The business that became Genuity came from WuXi AppTec, a contract research organization headquartered in Shanghai. The company named this bioinformatics department Wuxi NextCODE. However, in response to China’s new regulations prohibiting the export of Chinese human genetic information, the parent company has been reorganized to separate the business from its Chinese business. Wuxi NextCODE Complete separation Last year, it was announced that the new name of the Boston-based company was Genuity Science.
The $100 million that Genuity has in its treasury will now help support HiberCell’s clinical development plan. But the acquisition is also expected to support the biotechnology company’s research and development in the next few years. HiberCell said that as Genuity’s cooperation with Ionis and AbbVie progresses, the milestone payments achieved based on these transactions will further support the clinical development of the company’s own drug pipeline.
Photo: Andrzej Wojcicki, Getty Images
