Jul 13 2010
Midatech Group Ltd., a global leader for the design, development, synthesis and manufacture of nanomedicines, and Immunotope Inc, a biotechnology company focused on the development of immunotherapy products, today announced the formation of a joint venture Syntara LLC, to develop antigen based products for immune therapies to treat chronic viral infections and certain cancers.
Commenting on the formation of the joint venture, Professor Tom Rademacher, Chairman of Midatech Group said: “We are excited about the formation of Syntara. The joint venture provides a route to nurture the development of new products for the treatment of certain cancers and chronic infections.”
Professor Ramila Philip, President and CSO of Immunotope added: “Syntara will be the first in class of immunotherapy companies with the capabilities of clinically relevant antigen discovery and efficient delivery, which is critical for successful immunotherapy product”.
Under the terms of the agreement, Immunotope and Midatech will both license specific intellectual property to Syntara for the development of immunotherapy products. The joint venture combines Midatech’s expertise and IP in the area of nanomedicine with Immunotope’s experience in immunotherapeutic antigen discovery and validation.
Each company will have equal representation on the Board of Directors that will oversee the management team’s responsibility for Syntara’s product development operations. Syntara will be based in the US with initial capitalisation provided by the parent companies, with the intention to raise additional financing within 6-9 months.