CytoDyn says it plans to acquire ProstaGene

USA-based biotech CytoDyn (OTCQB:CYDY) says it has signed a non-binding letter of intent regarding a proposed acquisition of intellectual property and other assets of ProstaGene, a privately held company focused on prostate cancer diagnostics and therapeutics aimed at blocking cancer metastasis by blocking CCR5.

At the same time, the company remains committed to advancing its clinical programs with PRO 140 in HIV and graft-versus-host disease (GvHD), and is continuing with its previously announced plans to submit a Biologics License Application to the US Food and Drug Administration for PRO 140 as a combination therapy for HIV.

As part of the proposed transaction with ProstaGene, Dr Richard Pestell, the chief executive of ProstaGene and president of the Pennsylvania Cancer and Regenerative Medicine Research Center, will join the company as chief medical officer.