CGEM - Cullinan raises stake in unit MICA to 92% with focus on potential tumor drug CLN-619
- Cullinan Oncology ( NASDAQ: CGEM ) on Tuesday said it increased its ownership in its subsidiary Cullinan MICA (MICA) to 92% from 54% for $30.7M.
- Cullinan raised its ownership by buying equity from two of MICA's financial investors, Avalon Ventures and Bregua for $30.7M.
- The Myeloma Investment Fund, a venture philanthropy fund for the Multiple Myeloma Research Foundation (MMRF), has maintained its ownership in MICA, according to the company.
- Cullinan noted that MICA holds worldwide rights to CLN-619, an antibody being investigated as monotherapy and in combination with checkpoint inhibitor therapy in an ongoing phase 1 trial in patients with advanced solid tumors.
- The company expects to report initial clinical data in mid-2023.
- "This investment recognizes the strategic importance of CLN-619 in our portfolio as a key asset with first-in-class potential and strong rationale for development in a broad range of cancer indications," said Cullinan CEO Nadim Ahmed.
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Cullinan raises stake in unit MICA to 92% with focus on potential tumor drug CLN-619