MiNA Therapeutics Announces Sosei Will Not Exercise Acquisition Option
MiNA Therapeutics, the pioneer in RNA activation therapeutics, today announced that Sosei Group Corporation ("Sosei") has decided for strategic reasons not to exercise its option to acquire MiNA. The decision to relinquish these rights, which expire after October 18, 2018, is a result of Sosei's strategic prioritisation. Sosei will retain their minority investment in MiNA Therapeutics based on their 2017 equity investment, but will lose rights to acquire or increase ownership in the future.
"We have generated very positive results to date both in the MTL-CEBPA clinical program and across the pipeline, but we appreciate that Sosei has to follow their prioritisation process which led to this decision. MiNA remains well funded to continue the development of our pipeline," commented Robert Habib, CEO of MiNA Therapeutics. "We value our ongoing relationship with Sosei as an investor in the company and we look forward to working closely with all our shareholders to realise the potential of small activating RNA medicines in patients."
MiNA Therapeutics is focused on advancing saRNA medicines and is currently conducting a Phase I clinical trial of MTL-CEBPA in patients with advanced liver cancer at multiple sites in the United Kingdom and Asia. Preliminary results previously presented show encouraging safety, pharmacology and clinical activity of MTL-CEBPA as a single agent. A Phase Ib study evaluating MTL-CEBPA in combination with Sorafenib is planned to enrol the first patient in Q4 2018. This study is based on investigator reports of complete tumour responses in patients off-study when subsequently administered Sorafenib. Sosei's decision does not impact the ongoing development efforts or the company's future development plans.
On May 3, 2017, Sosei and MiNA Therapeutics announced that the companies had entered into an agreement under which Sosei made a GBP 35 million investment into MiNA Therapeutics in return for a 25.6% equity stake and an exclusive option to potentially acquire MiNA Therapeutics. Sosei's exclusive option expires after October 18, 2018.
About MiNA Therapeutics
Harnessing an innate mechanism of gene activation, MiNA Therapeutics' platform enables the development of new medicines that restore normal function to patients’ cells. We are applying our technology and clinical know-how to transform the therapy landscape of severe liver and other diseases. www.minatx.com
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