Where it all began: for those just beginning to research this company... the below article mentions "vascular targeting agents" .. and their lead targeting agent is now known as the soon to be widely known "Bavituximab" .. or Bavi
1997 - 2012 ... a long 15 years in the making...
Techniclone bought Peregrine and changed our name to Peregrine.
(BW)(TECHNICLONE/PEREGRINE)(TCLN) Techniclone announces agreement to acquire
Peregrine Pharmaceuticals
Business Editors
TUSTIN, Calif. -- (BUSINESS WIRE) -- Jan. 16, 1997 -- Techniclone
Corporation (NASDAQ:TCLN), a biotechnology company engaged in the research,
development and commercialization of therapeutics to treat cancer announced
today that it has entered into an agreement with several major stockholders of
Peregrine Pharmaceuticals, Inc. to acquire a majority of the shares of
Peregrine.
Upon completion of the stock for stock exchange, Techniclone will own a
controlling interest in Peregrine. Peregrine, a privately-held company based
in Princeton, New Jersey, is a biotechnology firm developing a new type of
cancer treatment known as Vascular Targeting Agents (VTAs), which are a second
generation of therapies to emerge from research in tumor angiogenesis. Tumor
angiogenesis is the formation of blood vessels and capillaries, which is
necessary for tumor growth.
Peregrine has 1,125,390 shares of stock outstanding. If all of
Peregrine's Stockholders elect to enter into the agreement with Techniclone to
exchange their shares for shares of Techniclone common stock, Techniclone will
issue approximately 4,725,000 shares to acquire all of Peregrine's stock. The
actual number of shares to be issued by Techniclone is subject to adjustment
based on the amount of Peregrine liabilities assumed by Techniclone at the
closing date.
Peregrine scientists have been developing agents which selectively
clot, or coagulate, the solid tumor vessels and capillaries, blocking the flow
of oxygen and nutrients to underlying tumor tissue, which then starves the
tumor. In preclinical studies, clotting occurred within hours of treatment,
creating an avalanche of cell death in the underlying tumor tissue, leaving
nearby healthy tissue intact and fully functional. Similar to Techniclone's
patented Tumor Necrosis Therapy (TNT) technology, Peregrine's VTAs are
believed to be universally effective against most solid tumor cancers through
the administration of a single agent, with little or no toxicity. Key
scientific research for Peregrine takes place at the University of Texas
Southwestern Medical Center, under the leadership of Philip Thorpe, Ph.D., who
is a co-founder of Peregrine and the inventor of VTA.
"The potential synergy the Peregrine acquisition creates is exciting.
We look forward to working with their scientific team, led by Dr. Thorpe, to
further improve and expand Techniclone's product pipeline," said Techniclone
Director of Scientific Affairs, Alan L. Epstein, M.D., Ph.D. "VTAs create
large amounts of necrosis (cell death) in solid tumors, and TNT works by
targeting those necrotic (dead) areas. Increasing the amount of necrotic tissue
within the tumor is expected to increase the efficacy of Tumor Necrosis
Therapy. Although TNT and VTA technologies are designed to be used
independently of each other, a powerful "one-two punch" could be created by
pre-treating with VTAs and subsequently treating with TNT. We believe this
combination could bring about an entirely new approach to solid tumor cancer
treatment, with Techniclone at the forefront."
"We are enthusiastic about the potential that the acquisition of
Peregrine offers," said Techniclone CEO Lon H. Stone. "Peregrine has acquired
rights to all of the known patents and patent applications covering the
vascular targeting field, and is also a licensee of several other key patents
and patent applications covering specific components and targeting mechanisms
used by its VTA drug compounds.
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Peregrine's VTAs are not yet in clinical trials and are at least 18 months
behind the expected clinical testing of TNT. The acquisition helps ensure a
continuous flow of new and complementary products to the market into the
foreseeable future. Because of common production methods and disease focus, the
continued preclinical development of VTAs should not have a significant impact
on Techniclone's near-term capital expenditure program."
Closing of the transaction is currently scheduled to take place in
early 1997. Peregrine's co-founder and CEO, Jennifer H. Lobo, will serve as a
consultant to Techniclone, focusing on business financing, technology licensing
and corporate joint ventures. Ms. Lobo has extensive background as a venture
capitalist and biotechnology strategist, having been previously a founder of
Domain Associates and a partner with Rothschild Ventures, Inc.
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