Hemogenyx Pharmaceuticals PLC Cornell University update (7396S)

TIDMHEMO

RNS Number : 7396S

Hemogenyx Pharmaceuticals PLC

05 October 2017

Hemogenyx Pharmaceuticals Plc

("Hemogenyx" or the "Company")

Cornell University update

Hemogenyx Pharmaceuticals Plc (LSE: HEMO), the biotechnology company developing novel therapies to transform bone marrow transplantation, announces that Cornell University ("Cornell") has elected to receive payment of the sum due to it on the change of control of Hemogenyx LLC ("LLC") half in new shares and half in cash. The sum owing is $372,350 and arises under the Exclusive Licence Agreement between Cornell and the LLC relating to the patents covering the method of isolation of post-natal hemogenic endothelial cells, invented by Dr Sandler, and as further described in the Company's prospectus of 8 September 2017 ("Prospectus").

As stated in the Prospectus, the Company originally expected that Cornell would elect to have the entire sum paid to it in cash shortly following Admission. The half payable in shares amounts to 4,008,504 ordinary shares of the Company at a price per share of GBP0.035 (the same price as the Placing Price). Following Admission these shares will represent 1.13% of the Company's total share capital. The half payable in cash is $186,175 and is payable within 30 days.

Words and phrases used in this announcement have the same meanings as in the Prospectus unless otherwise stated.

Dr. Robin Campbell, Chairman, commented: "We are encouraged that Cornell University has elected to become a shareholder in Hemogenyx. The foundational technology behind our future cell therapy product was developed at Weill Cornell Medicine and we are very pleased to count Cornell as one of our investors, supporting the development of novel therapies that could transform Bone Marrow transplantion."

Enquiries:

 
 Hemogenyx Pharmaceuticals Limited                                                                          www.hemogenyx.com 
 Dr Vladislav Sandler, Chief                                                                                  Via Walbrook PR 
  Executive Officer & Co-Founder 
 Dr Robin Campbell, Chairman 
 
 Optiva Securities Ltd                                                                                    Tel: [phone] 
                                                                                                                         1902 
 Christian Dennis 
 
 Shard Capital Partners LLP                                                                               Tel: [phone] 
                                                                                                                         9950 
 Damon Heath, Erik Woolgar 
 
 Peterhouse Corporate Finance                                                                             Tel: [phone] 
  Limited                                                                                                                0930 
 Lucy Williams/Duncan Vasey 
 
 Walbrook PR                                                                                      Tel: [phone] or 
                                                                                                     [e-mail] 
 Paul McManus                                                                                        Mob: [phone] 
 
 Flowcomms IR                                                                                     Mob: [phone] or 
                                                                                                          [e-mail] 
 Sasha Sethi 
 
 

About Hemogenyx (www.hemogenyx.com)

Hemogenyx Pharmaceuticals plc wholly owns US operating subsidiary, Hemogenyx LLC, which is incorporated in the state of Delaware.

Hemogenyx LLC is a pre-clinical stage biopharmaceutical group developing new treatments for blood diseases, such as leukaemia, lymphoma and bone marrow failure. Hemogenyx has two distinct and complementary products:

   1.      Conditioning product 

Proprietary CDX bi-specific antibodies for conditioning patients (immunotherapy class product candidate). The CDX bi-specific antibodies redirect a patient's own immune cells to eliminate unwanted blood stem cells preparing a patient for bone marrow ("BM") (also known as haematopoietic stem cell ("HSC")) transplantation. The Directors believe that this product could replace traditional methods of conditioning of chemotherapy and radiation which are damaging to a patient's health.

Hemogenyx has achieved proof of principle for the use of CDX antibodies. It has functionally validated CDX bi-specific antibodies in vitro and in vivo in humanised mouse models. It is anticipated that the CDX bi-specific antibodies will be capable of use as an "off-the-shelf" conditioning product available for application in relation to patients for all BM/HSC transplantations that require conditioning.

   2.      Cell Therapy product 

Human Postnatal Hemogenic Endothelial Cells ("Hu-PHECs") generate cancer-free, patient-matched blood stem cells. The Hu-PHECs, being cancer-free cells, are intended to largely eliminate traditional BM/HSC transplants by improving the efficacy of the therapy and, for most patients, potentially eliminating the problem of having to find a matching donor that the majority of patients needing BM/HSC transplants currently face. The Directors believe that Hu-PHEC based cell replacement therapy will expand access to the BM/HSC transplants and, when fully developed, could revolutionise the ability of the body to regenerate a functioning blood system.

Hu-PHEC cell therapy is considered by the Directors to be the only therapy on the market or in trials that could result in a reset of the blood system to a "clean state" therefore diminishing the risk of cancer relapse. Hemogenyx estimates a substantial market expansion opportunity by providing Hu-PHEC therapy to patients unable to find a donor match. Dr Vladislav Sandler, Co-Founder and CEO of Hemogenyx, was the person to discover that these cells continue to exist in adults.

The Conditioning and Cell Therapy products are designed to address a range of problems that occur with current standard of care treatments. Both technologies are complementary with one another and are considered to have the potential to enhance current clinical practice. As such, they also have potential as a substantial driver in the growth and application of BM/HSC transplants, individually and used in conjunction with one another.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCQZLFBDBFFFBQ

(END) Dow Jones Newswires

October 05, 2017 03:01 ET (07:01 GMT)