Business
Anixa Announces Strategic Program Realignment Focused on Advancement of its Therapeutic and Vaccine Pipeline
Focusing Resources on Existing Breast Cancer Vaccine, CAR-T Therapy and Covid-19 discovery Technologies and Expanding Therapeutics Portfolio SAN JOSE, Calif.,
About this update from Anixa Biosciences, Inc.
[{"type":"text","content":"Focusing Resources on Existing Breast Cancer Vaccine, CAR-T Therapy and Covid-19 discovery Technologies and Expanding Therapeutics Portfolio\n\n\nSAN JOSE, Calif., July 2, 2020 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer and infectious diseases, today announced that it has strategically realigned its business focus and redirected resources to exclusively focus on the development of therapeutics and vaccines in high-need patient populations. As part of this realignment, the company has suspended development of the Cchek™ liquid biopsy technology. \n\n \n \n \n \n \n \n\n \nGoing forward, Anixa's operations will center entirely on the development and expansion of its therapeutics and vaccine portfolio, which includes a cancer immunotherapy program being developed in partnership with the Moffitt Cancer Center, that uses chimeric endocrine receptor T-cell (CER-T) technology, a novel type of CAR-T. Anixa is also developing a cancer vaccine technology addressing breast cancer with a specific focus on triple negative breast cancer (TNBC), the most lethal form of the disease, in partnership with the Cleveland Clinic. Anixa will continue drug discovery and development of Covid-19 therapies, in partnership with OntoChem, GmbH. In addition, Anixa will continue to examine emerging therapeutic technologies for further development.\n\"Due to the evolving dynamics of the diagnostics market during this pandemic and projected disruptions in this industry, we see greater opportunity to benefit patients and our shareholders as a therapeutics-directed company,\" said Amit Kumar, Ph.D., Chief Executive Officer of Anixa. \"The pandemic and market forces have made it clear that we need to pivot. Our confidence in the Cchek™ technology remains undiminished, but we feel the prudent decision is to suspend work on diagnostics at this time.\"\nDr. Kumar continued, \"Anixa is a company built on the efficient use of capital. Capital allocation decisions are made based on the potential to provide the highest return to shareholders. We are all aware of the challenges to various industries caused by the coronavirus pandemic. The diagnostics industry is not immune, and considering this, as well as certain characteristics of our program, we have chosen this course of action. Thi...