Omnis Pharma and Magnis Therapeutics merge to form Vyriad

Omnis Pharma, a privately-held US biotech firm, and Magnis Therapeutics on Friday said they had reached agreement for their strategic merger to form Vyriad, a clinical-stage oncolytic immuno-virotherapy development company.

The combined companies' product development pipeline encompasses multiple clinical-stage and late preclinical-stage products targeting a broad range of human cancer indications, including a Phase I development program partnered with a large pharmaceutical company. Financial details of the transaction were not disclosed.

"I am delighted to announce the completion of this merger, which consolidates two leading oncolytic platforms, a broad intellectual property portfolio, a strong collaborative research and development network, and a vibrant clinical-stage product pipeline that spans the cancer spectrum," said Stephen Russell, president and chief executive of Vyriad. "Given our broad clinical and advanced preclinical portfolio, product development engine, and scientific capabilities, I firmly believe that Vyriad is on course to become the leading oncolytic virotherapy company creating powerful new immunotherapies for patients with cancer," he added.