Amplia Therapeutics Ltd. (INNMF)

[makinezmoney]

$INNMF: NEWS... Acquisition of 100% of AMPLIA-therapeutics


http://www.innateimmuno.com/irm/PDF/1462_0/FocusonImmunoOncologyampAcquisitionof2DrugCandidates




ASX RELEASE 23 March 2018

Innate Immunotherapeutics refocuses on immuno-oncology and announces
acquisition of two novel cancer drug candidates

https://stockhead.com.au/health/innate-switches-cancer-failed-ms-bid-shares-rocket-148pc/


Innate Immunotherapeutics Limited (ASX Code: IIL) is pleased to announce that it has entered into a
conditional agreement with the shareholders of Amplia Therapeutics Pty Ltd (Amplia) to acquire all
of the shares of Amplia in consideration for the issue of Innate ordinary shares. In acquiring Amplia,
Innate will acquire that company's Focal Adhesion Kinase (FAK) cancer programme. FAK is emerging
as a promising target in cancer therapy.
"Prior to the Company's recently terminated clinical development of MIS416 for multiple sclerosis,
we were also positioning our immune modulating drug as a potential anti-cancer co-therapy" said
Innate's CEO Simon Wilkinson. "In parallel with our MS programme, we monitored the rapid
developments in the immuno-oncology field and continued to support various long running
collaborations in the cancer co-therapy space." "Refocusing on this existing area of our business is a
logical move for the Company and we are particularly excited to be pursuing certain cancers where
the immune system could play an important role in successful treatment strategies" said Mr
Wilkinson.
Amplia has in-licensed two FAK targeting drug candidates (currently referred to as AMP886 and
AMP945) from Cancer Research Technology Limited, a wholly owned subsidiary of Cancer Research
UK. The drug candidates were originally developed by the Melbourne based Cancer Therapeutics
Cooperative Research Centre (CTx). The CRC Program, is an Australian Government initiative
supporting end-user driven research collaborations to address the major challenges facing Australia.
"There have been multiple independent high-quality publications suggesting that the successful
targeting of FAK could increase the efficacy of other immuno-oncology therapies in tumours where
to date they have limited anti-tumour effects as single agents" said Innate director Dr Robert Peach
who led the Company's technical review of the drug candidates. "CTx have done an excellent job
selecting and characterizing AMP886 and AMP945 before licensing them to Cancer Research
Technology Limited. I was impressed at the thoroughness of their work".
Amplia is a privately owned Melbourne-based biopharmaceutical company. Subject to approval by
the shareholders of both Innate and Amplia, Innate will acquire all the shares of Amplia in exchange
for new ordinary shares to be issued by Innate. Following settlement, Amplia shareholders will own
45% of the total issued capital of Innate and Innate expects to have approximately $2 million cash in
hand and no debt. The Board and management of the Company will include representatives from
the current Innate team and the Amplia team.
In the short term and using existing financial resources, the Company will focus on reviewing
opportunities for MIS416 and advancing the preclinical development of at least one of the two
Amplia drug candidates with a view to being 'Phase 1 ready' within approximately 12 months.
Shareholder approval of the proposed transaction will be sought at a General Meeting to be held at
11am on Thursday 26th April at Level 17, 383 Kent St, Sydney. Shareholder approval will also be
sought for a ten into one consolidation of the issued capital of the Company. The Notice of Meeting
for this General Meeting is expected to be despatched on Wednesday 28th March.
Attached to this announcement are further details concerning the proposed transaction, as required
by ASX Listing Rule 11.1.
- End
For Further Information:
Mr Simon Wilkinson
Managing Director and CEO
Email: [e-mail]