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Panther Biotechnology agrees to buy Alchemia Oncology

Panther Biotechnology has entered into an agreement to acquire Alchemia Oncology, a wholly owned subsidiary of Alchemia Limited, an Australian biotechnology company listed on the Australian Stock Exchange (ACL).

Alchemia Oncology Pty Limited has a robust collection of clinical and pre-clinical oncology assets, which include the HyACT Drug Delivery Platform, a portfolio of targeted therapeutics which are designed to exploit the unique structure and inherent biological properties of Hyaluronic Acid. Drug candidates in the portfolio range from pre-clinical through phase 3.

Panther intends to file a new phase 3 protocol against an open IND with the FDA for HA-Irinotecan in 2015, in addition to advancing the other phase 2 and phase 1b clinical drug candidates.

"The acquisition of Alchemia Oncology further strengthens our drug development and platform technology portfolio," stated Evan Levine, Chief Executive Officer of Panther.

"This milestone transaction results from intensive mutual due diligence and a commitment to patient care in which chemotherapy results can improve patient response and survival."

"Alchemia Oncology Pty Limited has spent over 15 years and over $70 million developing the HyACT technology platform and clinical drug candidates, and we are very pleased to have secured the commitment of Panther to raise the necessary funds to continue the clinical development of HyACT," stated Tracie Ramsdale, Executive Director of Alchemia.

Under the disclosed terms of the agreement, Panther and Alchemia have executed an agreement to complete the transaction within 120 days.

Panther Biotechnology will acquire 100% of the Alchemia Oncology Pty Limited, assume certain liabilities and continue to develop the broad range of clinical drug candidates as targeted chemotherapeutics. The closing of the transaction is predicated on the successful listing of Panther Securities on NASDAQ.