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HLB takes over Immunomic Therapeutics

Recently, HLB took over a U.S. biotech firm to own new anticancer pipelines and is seeking to own additional experimental drugs. the company said on Wednesday that it would participate in the three-party capital increase of Immunomic Therapeutics and acquire 6 million shares (38.2 percent) of the biotech firm for 35.6 billion won ($29.5 million).


 


Founded in 2006 in Maryland, Immunomic Therapeutics has developed an immune platform technology called “Universal Intracellular Targeted Expression” (UNITE) based on technologies from Johns Hopkins University and Duke University. UNITE is a next-generation vaccine platform technology that enhances cytotoxic T cell function by targeting specific antigens to lysosomes to increase antigen presentation ability. The technology is known to have high expandability in cancer and allergies.


 


“Due to the limitation that we had only one new drug candidate, Rivoceranib, the company was easily shaken by a trivial but malicious rumor,” HLB Chairman Jin Yang-gon said. “By acquiring Immunomic Therapeutics, we can overcome the limitation,” HLB said it planned to list Immunomic Therapeutics either on Nasdaq or Kosdaq, and accelerate clinical trials on pipelines of Immunomic to commercialize them fast.