NantWorks invests $50 million to buy majority stake in Precision Biologics

Privately-held US firm NantWorks has made a $50 million equity investment in Precision Biologics, a privately held, biopharmaceutical company developing tumor-specific monoclonal antibodies (MAbs) and companion diagnostics to treat solid-tumor cancers, giving it a majority stake in the company.

“Precision Biologics has a promising novel pipeline of therapeutic antibody candidates that target advanced pancreatic and colorectal cancers in clinical trials, as well as a companion diagnostics program that determines which patients are candidates to receive treatment,” said Patrick Soon-Shiong, founder and chief executive of NantWorks.

Dr Soon-Shiong continued: “Based on a proprietary library of cancer vaccines, antigens and antibodies, the company has developed a portfolio of truly unique antibody therapies, which activate an immune response that are tumor and disease specific. The mission at NantWorks is the pursuit of neo-epitope driven immunotherapy for cancer. This investment furthers our mission to treat the biology of cancer, independent of the anatomy, and avoid the devastating toxic effects of standard chemotherapy while activating mankind's innate immune protective system. With a highly experienced management and scientific team, the company will complement NantWorks' approach to this paradigm shift in the molecular interrogation and treatment of cancer.”