Sevion Therapeutics Announces Chimerasome Research Agreement
La Jolla, CA – November 24, 2014 – Sevion Therapeutics (OTCQB: SVON), a biopharmaceutical company which discovers, develops and acquires next-generation biologics for the treatment of cancer and immunological diseases, today announced that it has entered into a research agreement with Avidity NanoMedicines LLC related to the use of Sevion’s chimerasome technology for delivery of nucleic acids. Terms of the agreement were not disclosed.
The Chimerasome, which is based on a single protein that can be assembled to form a spherical protein nanocage encapsulating drugs or nucleic acid therapeutics, can be decorated with antibodies or peptides externally, enabling highly specific cellular targeting of the payload.
“The Chimerasome biologics approach allows for specific optimization of regions of the building block responsible for the key functions required for a successful delivery system, including serum stability, triggered opening and payload release, tunable PK and biodistribution, as well as safety,” said Ronald Martell, CEO of Sevion Therapeutics. “This collaboration is a key example of our effort to leverage our pipeline and platforms through partnership, while we look to advance our internal antibody pipeline and explore in-licensing opportunities.”
About Sevion Therapeutics
Sevion Therapeutics is a biopharmaceutical company building and developing a portfolio of innovative therapeutics, from both internal discovery and acquisition, for the treatment of cancer and immunological diseases. The Company’s product candidates are derived from multiple key proprietary technology platforms: cell-based arrayed antibody discovery, ultralong antibody scaffolds and Chimerasome nanocages. Sevion has leveraged these technologies to build a pipeline of innovative product candidates. For more information, please visit SevionTherapeutics.com.
About Avidity NanoMedicines
Avidity NanoMedicines is pioneering a new class of therapeutics, antibody-siRNA complexes (ARCs™), which employ antibody-targeted nanoparticles containing siRNA payloads. The technology draws on the targeting associated with antibody-drug conjugates and the selectivity of nucleic acid-based medicines. Through partnerships with academic and industry experts, Avidity is applying its technology to the discovery and development of novel, targeted drugs. Avidity NanoMedicines was founded in 2013, has raised $15 million in venture financing, and entered into a research collaboration with a major pharmaceutical company in December 2013. Avidity NanoMedicines is a privately held company located in La Jolla, California. For more information, please visit the Company’s website at www.aviditynano.com.
Forward-Looking Statements
Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors, including, but not limited to: the Company’s ability to integrate the Fabrus science and operations, including the rebranding of the Company as Sevion Therapeutics; the Company’s ability to continue as a going concern; the ability of the Company to consummate additional financings; the development of the Company’s gene and antibody technology; the approval of the Company’s patent applications; the current uncertainty in the patent landscape surrounding small inhibitory RNA and the Company’s ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company’s license agreements; the acceptance by the market of the Company’s products; the timing and success of the Company’s preliminary studies, preclinical research and clinical trials; competition and the timing of projects and trends in future operating performance; and the quotation of the Company’s common stock on an over-the-counter securities market, as well as other factors expressed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”). As a result, this press release should be read in conjunction with the Company’s periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For Investors:
David Pitts, Argot Partners