CELLDEX ANNOUNCES ACQUISITION OF ASSETS OF ALTERIS THERAPEUTICS, INC., A PHILADELPHIA COMPANY SEEDED BY BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PA
October 12, 2005 - Philadelphia, PA - Celldex Therapeutics, Inc. today announced that it has acquired substantially all assets of Alteris Therapeutics, Inc., a privately held biotechnology company based in Philadelphia, seeded by Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP).
BFTP/SEP – which provides seed capital to promising early-stage and Pennsylvania-based technology firms to enable them to develop prototypes, build management teams, and win early customers – invested $500,000 in Alteris Therapeutics, Inc. between May 2003 and January 2004. BFTP/SEP provided the company with funding for its work in tumor specific alternative splice forms as the basis for novel therapeutics.
Alteris, Inc. (formerly Spliceomix) is focused on the design of novel biologic therapies and small molecules that target the molecular cause of cancer cell growth and the unique properties of cancer cells. The company’s focus is consistent with the new era in cancer therapeutics that will ultimately lead to tailor-made biological therapies rationally administered to tumors stratified by molecular criteria.
Located in Bloomsbury, N.J., Celldex said that it will acquire substantially all assets of Alteris in exchange for 1.2 million shares of Celldex Common Stock, $1.5 million in cash and certain potential milestone and other payments. Through this acquisition of Alteris, Celldex will obtain exclusive rights to ALT-110, a therapeutic cancer vaccine currently in a Phase II clinical trial for the treatment of brain cancer and a Phase I clinical trial for the treatment of prostate, gastric, non-small cell lung and ovarian cancers. ALT-110 is based on a variant of the epidermal growth factor receptor known as EGFRvIII. In addition, Celldex will acquire several patent applications covering the Rapid Identification of Alternative Splicing (RIAS), a proprietary technology platform for the discovery of new disease-specific targets.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania has helped grow the region through science, technology and entrepreneurship. Since its formation in 1982, BFTP/SEP has provided more than $110 million to over 1,400 regional enterprises through various funding means. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. BFTP/SEP is a founding partner of the Nanotechnology Institute™ and the Mid-Atlantic Nanotechnology Alliance (MANA®) and is funded by the Commonwealth of Pennsylvania’s Department of Community and Economic Development.
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