Oncotelic Therapeutics to sell necroptosis cancer therapy assets to Mosaic ImmunoEngineering
- Oncotelic Therapeutics (OTCQB:OTLC) has agreed to sell its necroptosis cancer therapy assets to Mosaic ImmunoEngineering (OTCPK:CPMV) in a $15 million all-share deal.
- The deal includes rights to Oncotelic's clinical-stage necroptosis cancer therapies, including proprietary artificial intelligence technologies for identifying immunotherapy combinations and enhancing its anti-cancer immune response.
- The clinical assets to be acquired by CPMV include cancer and ocular disease programs, including regulatory and clinical packages, and access to Oncotelic's AI platform for identifying immunotherapy combinations.
- As per the deal terms, Mosaic will issue $15 million in CPMV shares to Oncotelic, with the potential for an additional $15 million in CPMV shares.
- The Mosaic team, with over 30 FDA and worldwide product approvals, will advance oncology and orphan drug product development. Oncotelic will provide short-term financial support, while both companies will collaborate for a smooth transition of technologies and to achieve short-term and long-term financing goals.
- The agreement is subject to negotiation of definitive agreements and customary conditions.
