The Florida CytoSen company which has developed a new biotechnology approach to cancer therapy has sold around $ 70 million based in the Dutch Kiadis Pharma.
CytoSen came from the University of Central Florida in 2014 and has grown to become an incubator at UCF in Winter Springs in the past few years. The University calls it the largest biotech purchase in Central Florida history.
“It is important that technology is mature, it can benefit patients. It has the potential to really help patients with cancer, especially leukemia and those suffering from other diseases,” said Robert Igarashi, Chief Scientific Officer and co-founder of CytoSen.
This technology uses nanoparticles or cells designed to enhance and strengthen the so-called “natural killer cells” of the immune system, said founder Alicia Kopik, a researcher at the School of Biomedical Sciences at UCF. Natural killer cells attack cancer cells.
Igarashi told UPI that CytoSen therapy was limited to use at the National Children’s Hospital in Columbus, Ohio, and a hospital for cancer treatment and investigation at the University of Texas at Andisan in Houston.
According to the company, the conditions of the sale include the initial payment of 1.94 million Kiadis shares. As soon as the company reaches six in the stages of clinical development and CytoSen approval, the owner will receive 5,820,000 more shares. On June 5, Kiadi’s shares were quoted at € 7.80 or $ 8.81.
The UCF Research Foundation holds more than 1% of CytoSen shares. The Foundation has patents and patent applications licensed exclusively to CytoSen and will receive royalties based on a percentage of the net sales of licensed products.
CytoSen plans to continue working with Winter Springs Incubator.