CytRx Comments on Proposed Combination of ImmunityBio and NantKwest LOS ANGELES (Business Wire) CytRx Corporation (OTCQB: CYTR) (“CytRx” or the “Company”), a specialized biopharmaceutical company focused on research and development for the oncology and neurodegenerative disease categories, today congratulated ImmunityBio, Inc. (“ImmunityBio”) and NantKwest, Inc. (NASDAQ: NK) (“NantKwest”) on their proposed merger and announced plans to create a leading immunotherapy and cell therapy company.
CytRx out-licensed global development, manufacturing and commercialization rights for aldoxorubicin to ImmunityBio in 2017. The Company has an agreement with ImmunityBio that can yield up to $343 million in potential milestone payments and single and double-digit royalties on sales of aldoxorubicin.
Published: Dec 21, 2020 By Alex Keown
Shares of
NantKwest were up more than 27% in premarket trading after the company announced a
stock-for-stock reverse merger with privately-held ImmunityBio to create a leading immunotherapy and cell therapy company focused on oncology and infectious disease.
Biotech entrepreneur Patrick Soon-Shiong, who founded both companies and currently serves as chief executive officer of ImmunityBio, merged them in order to combine NantKwest’s Natural Killer (NK) cell platform and ImmunityBio’s immunotherapy fusion protein, immunomodulator, and adenovirus platforms have already resulted in complete responses in late stage, difficult to treat metastatic cancers. The combined companies bring together 11 Phase II / III clinical trials across oncology and infectious disease that use combined immunotherapy platforms, as well as a broad late-stage pipeline for solid tumors including bladder, lung, breast, and pancreatic in addition to infect
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