Regen BioPharma, Inc. Announces Signing of a Letter of Intent to Acquire an In vitro Diagnostics Start-Up Company Canary Oncoceutics, Inc. Which is Developing Functional Cancer Tests for Personalized Medicine
17 Nov, 2021, 14:40 ET
SAN DIEGO, Nov. 17, 2021 /PRNewswire/ -- Regen BioPharma, Inc. (PINK: RGBP) and (PINK: RGBPP) is currently completing a strategic analysis of its next 5 years of growth. As part of this analysis, diversifying beyond therapeutics into in-vitro diagnostics has been deemed a strategic priority, particularly by continuing to focus on using regenerative and cellular medicine approaches. Therefore, Regen has entered into a non-binding Letter of Intent ("LOI") to acquire Canary Oncoceutics, Inc., a new company developing in vitro precision oncology tests using cellular technology. The acquisition contemplated by the non-binding LOI is contingent upon several factors including, but not limited to, completion of due diligence, the completion of final negotiations, and execution of a definitive agreement. It is presently contemplated that in order for this acquisition to close, Regen must raise $50 million to support the development of the diagnostic platform.
Canary Oncoceutics, Inc. is developing a precision oncology testing platform that will complement existing cancer genomic testing.
Cancer genomic testing involves analyzing a sample of a cancer tumor to see how active certain genes are and if they are abnormally modified. The activity level of these genes affects factors including how likely the cancer is to grow and spread. By identifying the genetic alterations that are unique to a patient's individual cancer, doctors are able to identify specific drugs designed to target those mutations. However, the list of drugs generated by genomic testing may be quite extensive and different patients respond differently to the same drug.
Canary Oncoceutics, Inc. is developing tests that take those recommendations and test them on a patient's tumor in a laboratory setting thereby allowing doctors to refine the list of recommendations generated through genomic testing down to those drugs or drug combinations which will work best on that specific patient.
"This revolutionary functional approach to precision oncology is enabled by technology which Canary Oncoceutics, Inc. is in the process of licensing from Cornell University", says Dr. Harry Lander, its CEO. "The technology creates a fully vascularized patient tumor in vitro by using endothelial cells and tumor obtained from the patient via biopsy. No artificial scaffolds or devices are needed and this allows for the perfusion of patient blood in this patient-derived tumoroid. The system is being designed to test various drugs for tumor killing as well as the effect the drugs have on tumor stem cells."
"Companion diagnostics in precision oncology is where the future of cancer treatment is heading. The global cancer diagnostics market was $168 billion in 2020 and is expected to reach $280 billion by 20281", says David Koos, Chairman and CEO of Regen. "Of course this number includes imaging, tumor biopsy, laboratory tests, endoscopy, surgery and genetic testing but clearly, there is a large opportunity for functional testing that Canary Oncoceutics, Inc. is developing. Our strategic planning aims for us to capitalize on the latest breakthroughs in science so that Regen can be part of the future of cancer treatment and diagnostics."
About Regen BioPharma Inc.:
Regen BioPharma Inc. is a publicly traded biotechnology company (OTCQB: RGBP) and (OTCQB: RGBPP). The Company is focused on the immunology and immunotherapy space. The Company is focused on rapidly advancing novel technologies through pre-clinical and Phase I/ II clinical trials. Currently, the Company is focused on small molecule therapies for treating cancer and autoimmune disorders. Additional information on Regen BioPharma is available at http://www.regenbiopharmainc.com.
Disclaimer: This news announcement may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Regen BioPharma Inc.
David R. Koos, Ph.D.
Chairman & Chief Executive Officer
SOURCE Regen BioPharma, Inc.
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