Phio Pharmaceuticals Corp (NASDAQ: PHIO) is running for the top in the market this morning, trading on gains of more than 40% early on. The gains come after the company announced that it has reached a new agreement with Medigene AG. Here’s what’s going on:
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PHIO Stock Rockets On New Agreement With Medigene
In the preiss release, Phio Pharmaceuticals said that the new agreement with Medigene is in relation to its previously announced research collaboration with Helmoltz Zentrum Munchen.
The agreement surrounds the design and development of novel candidates for the use of INTASYL compounds in adoptive cell therapy. Ultimately, the goal is to use this technology to inhance immune cell function.
As part of the new agreement, PHIO said that Medigene will contribute expertise regarding clinical development and proprietary research material. Medigene has the option to an exclusive license for clinical and/or commercial exploitation of the potential immune cell enhancers against certain fee payments.
In a statement, Dr. Gerrit Dispersyn, President and CEO at PHIO, had the following to offer:
We are pleased that Medigene will be contributing to our research alliance with the Helmholtz Zentrum München. The breadth of the INTASYL™ platform and the compound’s capability to augment the anti-tumor effectiveness of various cell-based approaches are key differentiators of the platform, and Medigene’s clinical development experience with personalized T cell therapies will be helpful in our efforts to identify potential new targets and therapies that INTASYL™ can enhance. T
he capabilities that Medigene will bring to the collaboration will be additive to the ongoing research efforts we have undertaken with Prof. Dr. Elfriede Nößner and her team at the Helmholtz Zentrum München as we remain committed to exploring and identifying novel targets to strengthen our immuno-oncology product candidate portfolio.
The above statement was followed up by Dolores J. Schendel, CEO and CSO of Medigene:
We are delighted to continue to work with Phio Pharmaceuticals and Helmholtz Zentrum München within this new agreement. We look forward to the outcomes of this collaborative research effort and exploring the potential future options.
This News Is Big
This news is huge. Ultimately, Phio Pharmaceuticals has teamed up with two key players here that could push the company’s biotechnology to the next level. Through the partnership, the company is going to be able to take advantage of key expertise in the field.
First and foremost, Medigene brings with it quite a bit of experience in the development of clinical trials. Considering this, the company’s expertise is highly valuable for PHIO in the development of future studies surrounding this cell therapy product.
At the same time, Helmholtz Zentrum München, brings its own experience in the development of effective cell therapies. This will help the company ensure that it is heading in the right direction.
Moreover, with the partners and the way the announcement was made, there are likely several catalysts ahead, including a likely clinical trial. So, there’s good reason for investors to be excited about PHIO today.
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