CAMBRIDGE, Mass., Aug. 31, 2020 /PRNewswire/ -- Unum Therapeutics
Inc. (Nasdaq: UMRX), a biopharmaceutical company focused on
developing novel, best-in-class precision kinase inhibitors for a
range of patients living with cancer and other unmet medical needs,
announced today the sale of its cell-based BOXR programs
to SOTIO, a clinical stage immuno-oncology company owned by PPF
Group. Under the terms of the agreement, SOTIO will make an upfront
payment of $8.1 million for the BOXR
technology and will assume development of Unum's lead candidate,
BOXR1030, which is on track for near-term entry into the clinic. In
addition, Unum will be eligible to receive downstream milestones of
up to $3.4 million. The sale to SOTIO
will enable it to further advance its goal to develop the next
generation of potent immunotherapies for patients with cancer. Unum
will retain its antibody coupled T cell receptor (ACTR) technology
and continues to explore strategic opportunities for the technology
and assets. The sale is final as of August 28, 2020.
"Within the past year, we have explored a range of strategic
opportunities for our BOXR technology and programs, and we believe
SOTIO has the clinical expertise to accelerate the development
of this program, including BOXR1030, in multiple clinical
trials for the benefit of patients," said Chuck Wilson, Ph.D., President and CEO of Unum.
"We are extremely proud of the BOXR technology and programs and
would like to thank all of our employees, and investors for not
only supporting our vision, but advancing it as well. We look
forward to SOTIO's progress on the BOXR programs in the
future."
SOTIO will assume responsibility for a portion of Unum's
facilities in Cambridge, MA to
advance the BOXR programs, and certain Unum staff associated with
the BOXR programs will transition to SOTIO to continue their work
on the programs. Unum will retain certain staff and space in its
Cambridge facilities as it
refocuses on the development of small molecule precision kinase
inhibitors, including its lead program PLX9486.
On July 6, 2020, Unum announced
the completion of the acquisition of Kiq LLC, as part of a
strategic pivot to focus on precision kinase inhibitors. Certain
Unum stockholders of record at the time of the acquisition were
granted a non-tradeable contingent value right (CVR). Holders of
the CVR will be entitled to receive certain stock and/or cash
payments from net proceeds received by Unum related to the
disposition of Unum's cell therapy assets for a period of three
years following the closing of the transaction.
Net proceeds from the sale of BOXR will be reinvested into
the development of PLX9486 as part of Unum's focus on the
development of small molecule precision kinase inhibitors to treat
a range of genetically driven diseases. Additional operational
updates will be provided in the upcoming months.
In addition, Unum appointed Peter
Harwin, Co-founder and Managing Member, Fairmount Funds
Management LLC as Board Chair. Harwin played an integral role in
the recent acquisition of Kiq and will help guide the future vision
of the company in delivering best-in-class therapies for patients
with genetically defined diseases. Prior to founding Fairmount in
2016, Harwin served as a member of the investment team at Boxer
Capital, a biotechnology unit of the Tavistock Group, and he
currently serves as a strategic advisor to Quellis Biosciences Inc.
and Dianthus Therapeutics, Inc. Harwin also serves on the board of
directors of Viridian Therapeutics, Inc.
About BOXR and BOXR1030
Unum Therapeutics' novel cell therapy programs address the major
scientific obstacles in traditional T cell therapies. Scientists
have discovered that the solid tumor microenvironment is highly
immunosuppressive, blocking T cells from functioning as they
should. The BOXR technology (Bolt-on Chimeric Receptor) addresses
this issue by incorporating "bolt-on" transgenes to enhance
intrinsic T cell functionality and overcome multiple mechanisms of
immunosuppression in the solid tumor microenvironment. BOXR
transgenes can then be engineered with therapeutic T cells, such as
CAR T cells, to improve the functionality of T cell therapies,
particularly in the solid tumor microenvironment. BOXR1030, the
first product candidate from BOXR, contains the novel "bolt-on"
enzyme called glutamic-oxaloacetic transaminase 2 (GOT2) that aims
to improve intrinsic T cell function in the solid tumor
microenvironment through enhanced metabolism. GOT2 plays a central
metabolic role by linking multiple pathways involved in
biosynthesis and cellular energy production.
About Unum Therapeutics
Unum Therapeutics is a biopharmaceutical company focused on
developing a pipeline of novel, best-in-class precision kinase
inhibitors for a range of patients living with cancer and other
unmet medical needs. Unum's most advanced program, PLX9486, is a
highly potent and selective KIT D816V inhibitor in development to
treat systemic mastocytosis and GIST patients. Unum is
headquartered in Cambridge, MA.
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Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding: uses of
proceeds; future product development plans; and any future payouts
under the CVR. The use of words such as, but not limited to,
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "potential," "predict,"
"project," "should," "target," "will," or "would" and similar words
expressions are intended to identify forward-looking statements.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based on our
current beliefs, expectations and assumptions regarding the future
of our business, future plans and strategies, our clinical results
and other future conditions. New risks and uncertainties may emerge
from time to time, and it is not possible to predict all risks and
uncertainties. No representations or warranties (expressed or
implied) are made about the accuracy of any such forward-looking
statements. We may not actually achieve the forecasts disclosed in
our forward-looking statements, and you should not place undue
reliance on our forward-looking statements. Such forward-looking
statements are subject to a number of material risks and
uncertainties including but not limited to those set forth under
the caption "Risk Factors" in Unum's most recent Annual Report on
Form 10-K filed with the SEC, as well as discussions of potential
risks, uncertainties, and other important factors in our subsequent
filings with the SEC. Any forward-looking statement speaks only as
of the date on which it was made. Neither we, nor our affiliates,
advisors or representatives, undertake any obligation to publicly
update or revise any forward-looking statement, whether as result
of new information, future events or otherwise, except as required
by law. These forward-looking statements should not be relied upon
as representing our views as of any date subsequent to the date
hereof.
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SOURCE Unum Therapeutics Inc.
