Brooklyn ImmunoTherapeutics Pays $1 Million Towards Acquisition of License for mRNA Technology Platform to Develop Genetically Edited Cells for Multiple Cancers and Blood Disorders

Rhea-AI Summary

Brooklyn ImmunoTherapeutics (NYSE American: BTX) has invested $1 million towards acquiring a license for Factor Bioscience’s and Novellus’ mRNA Gene Editing and Cell Therapies technology. This investment extends the option exercise period for a related license agreement until May 21, 2021. If successful, the agreement could enable Brooklyn to use patented mRNA-based gene editing techniques for treating various cancers and genetic disorders. Additionally, if the agreement is not made by the deadline, Brooklyn will receive a reimbursement of the $1 million payment.

Positive

• Acquisition of mRNA Gene Editing technology potentially enhances research capabilities.
• Possible development of innovative therapies for solid tumors and genetic disorders.
• Demonstrated overall survival benefit from Phase 2A trial of IRX-2 in head and neck cancer.

Negative

• No guarantee of entering the license agreement, risking the $1 million investment.
• Dependence on successful negotiation of terms with licensors.

Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX) ("Brooklyn"), a biopharmaceutical company focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, today announced it has paid $1 million towards the acquisition of a license for Factor Bioscience’s and Novellus’ mRNA Gene Editing and Cell Therapies technology and has extended through May 21, 2021 its option exercise period for entering into a related license agreement with Factor Bioscience and Novellus.

If a license agreement is completed, it would allow Brooklyn to utilize an extensively patented process to seek to develop gene edited compounds using mRNA, which preclinical data suggest to be more efficient, non-immunogenic and non-mutagenic, for treatment of several solid tumor and liquid indications, sickle cell anemia, as well as a number of additional inherited disorders. Gene editing is an investigational technique that is used to add, delete, or correct a patient’s genetic material in an effort to treat a disease. Research suggests that editing genes in patients could potentially result in cures for a number of genetic diseases. The licensed platform would include mRNA cell reprogramming, mRNA-based gene editing, a proprietary gene editing protein, and the proprietary ToRNAdo lipid delivery system that provides efficient delivery of mRNA ex vivo and in vivo to skin, brain, eye and lung tissue.

If Brooklyn does not enter into the license agreement by May 21, 2021, it will be entitled to be reimbursed for the $1 million payment.

About Brooklyn ImmunoTherapeutics

Brooklyn is focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, both as a single agent and in combination with other anti-cancer therapies. The company is also exploring opportunities to advance therapies using leading edge gene editing/cell therapy technology through its option agreements with Factor Bioscience and Novellus.

Brooklyn’s most advanced program is studying the safety and efficacy of IRX-2 in patients with head and neck cancer. In a Phase 2A clinical trial in head and neck cancer, IRX-2 demonstrated an overall survival benefit. Additional studies are either underway or planned in other solid tumor cancer indications.

For more information about Brooklyn and its clinical programs, please visit www.BrooklynITx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical fact and relate to the potential completion and execution of a license agreement as described in the press release. There can be no assurance or guarantee that Brooklyn will succeed in entering into such a license agreement on the terms described above, or at all, as a result of various factors, including, but not limited to, the need for Brooklyn to successfully negotiate terms of the license agreement that are acceptable to both Brooklyn and each of the proposed licensors. The forward-looking statements made in this communication speak only as of the date on which they were made, and Brooklyn does not undertake any obligation to update the forward-looking statements contained herein to reflect events that occur or circumstances that exist after the date hereof, except as may be required by applicable law or regulation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005935/en/

FAQ

What is the significance of the $1 million investment by Brooklyn ImmunoTherapeutics on BTX?

The investment is aimed at acquiring mRNA Gene Editing technology, which could enhance treatment options for various cancers and genetic disorders.

What happens if Brooklyn ImmunoTherapeutics does not complete the license agreement by May 21, 2021?

Brooklyn will be reimbursed for the $1 million payment if the agreement is not finalized by the deadline.

What is the focus of Brooklyn ImmunoTherapeutics regarding cancer treatment?

The company is focused on cytokine-based therapies, with a clinical study showing benefits in head and neck cancer patients.

How could the mRNA Gene Editing technology impact Brooklyn ImmunoTherapeutics?

It could enable the development of gene-edited compounds for more effective treatments of cancers and genetic diseases.

What are the risks associated with Brooklyn ImmunoTherapeutics' investment in BTX?

The primary risk is the uncertainty of successfully negotiating and finalizing the license agreement.