Imugene (ASX: IMU) is buying Biolife Science Qld Ltd., granting it access to new forms of cancer treatments.
Brisbane, Australia-based Biolife currently owns the rights to a cancer immunotherapy developed by scientists at the University Medical School in Austria. The medication aims to produces an antibody response against tumors, including breast cancer and gastric cancer. Reports indicate the medication, if it gets approval, would be less expensive than other methods of cancer treatment.
Imugene, headquartered in Perth, Australia, is a pharmaceutical company. The company developed the Linguet technology, which enables the active ingredient in medications to be absorbed straight into the bloodstream when placed inside the cheek or under the tongue.
In March, Biolife had an agreement to be acquired by Acuvax, an Australian biotechnology company.
Imugene plans to issue 300 million shares to fund the purchase. The company also plans to raise an additional A$2.5 million (U.S. $2.4 million) through a share placement.
Forrest Capital was financial adviser for the deal, and will lead the placement.