ImmunoCellular Therapeutics Ltd, Los Angeles has completed the acquisition of monoclonal antibody related technology owned by Molecular Discoveries LLC, NY.
The technology acquired under the agreement and owned by the company consists of a platform technology referred to by Molecular as DIAAD.™ It is for the potentially rapid discovery of monoclonal antibodies to detect and treat cancer and other chronic diseases and certain monoclonal antibody candidates for the potential detection and treatment of multiple myeloma, small cell lung, pancreatic, and ovarian cancers.
The monoclonal antibodies are covered by five issued patents and pending patent applications in the fields of multiple myeloma, colon, small cell lung, pancreatic, and ovarian cancers. The monoclonal antibody therapeutic market is substantial, with monoclonal antibody-based cancer treatments accounting for more than $6 billion in annual sales worldwide.
The company may commence the initial phase of development of a diagnostic/prognostic product for small cell lung cancer and a therapeutic product for the treatment of small cell lung and pancreatic cancers, based upon the acquired proprietary monoclonal antibody candidates. The monoclonal antibody technology is at a pre-clinical stage of development and will require further development before an IND can potentially be filed for human testing of the acquired product candidates.
The terms of the agreement are substantially the same as those set forth in a memorandum of agreement entered into by the parties on November 21, 2007.
