BIOGEMEX SIGNS MOU FOR STRATEGIC INVESTMENTS UP TO $10M INTO XYLONIX
ANNOUNCEMENT -27 AUG 2019
- BioGemex signed MOU with Xylonix for entering the contractual discussions about strategic investments up to $10M as a follow-up to the announced XDX-01 co-development project
- The strategic investment intended to expand the R&D and the intellectual property coverage that impact the companion diagnostic development partnership
- The proposed investments expected to strengthen the development partnership between the companies
SEOUL, 27 August 2019, BioGemex (BioGemex.com) and Xylonix (Xylonix.io) today inked the MOU for outlining the contractual discussions regarding the strategic investment talks between the companies for fueling the previously announced XDX-01 co-development project. The strategic investment topic is among the first legal contracts needed between the companies in mobilizing the co-development project.
The MOU outlined the maximum strategic investment size by BioGemex into Xylonix at $10M over two tranches, which would make BioGemex a significant equity partner to the Singapore-based immune-oncology biotech if fully realized. The MOU also outlined that the invested capital will be deployed by Xylonix in strengthening and widening the R&D and the intellectual property coverages adjacent to the XDX-01 companion diagnostic technology development.
Mr. Tae Hyun Yun, CEO of BioGemex, commented: “We highly appreciate the world-class quality and the future potential of Xylonix as the partner in the XDX-01 development. As the co-development on the XDX-01 progresses, I expect the future value by Xylonix drug pipelines will grow even faster. This equity investment will help strengthen our partnership with Xylonix, while also improving the value composition of BioGemex.
Earlier on 16 Aug 2019, BioGemex and Xylonix inked the MOU for the joint development of the pre-treatment diagnostic kit XDX-01 for predicting the cancer patient response to T-cell mediated immunotherapies 1.
Tel: +82 70 5096 8929
1. Xylonix "XYLONIX SIGNS MOU WITH BIOGEMEX TO CO-DEVELOP A PREDICTIVE CANCER IMMUNOTHERAPY TREATMENT RESPONSE DIAGNOSTIC." Media@xylonix.io, 16 Aug 2019
About BioGemex (BioGemex.com)
BioGemex (BioGemex Inc.) is a diagnostic solutions provider focused on developing a world-first site-agnostic cancer diagnosis solutions for accelerating the breakthrough clinical investigations of cancer immunotherapies and site-agnostic precision drugs – a major unmet need in pharmaceutical industry. Building on its manufacturing experience and sustainable revenue platform, BioGemex is actively incorporating new developments and products into its pipeline. In addition to its R&D and manufacturing operations, BioGemex also offers ODM/OEM pregnancy test kits of the highest accuracy and reliability for Korea and overseas markets. For more information, visit .
About Xylonix (Xylonix.io)
Xylonix (Xylonix Pte. Ltd.) is an immuno-oncology biotech that is developing a new way of combating cancer through PARP1 DNA-repair overdrive for toxicity-free, widely applicable and curative first-in-class cancer immunotherapy drugs. Dubbed as onco-parthanatos agents, Xylonix’ lead development candidates, C005D and C008D, are being developed for future indicated use as monotherapy or in combination with other leading immunotherapies such as immune checkpoint inhibitors or CSF1R inhibitors. For more information, visit https://xylonix.io.
Forward-Looking Statement of Xylonix Pte. Ltd. (Singapore) and BioGemex Inc. (Korea)
This news release of Xylonix Pte. Ltd. (the “Xylonix.io”) and BioGemex Inc. (the “BioGemex”), collectively “Companies”, includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions. The Companies undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.