Business
Beyond Air® Announces Formation of Beyond Cancer™, a New Private Company Dedicated to Oncology Utilizing Ultra-High Concentration Nitric Oxide to Treat Solid Tumors
$23.9 million committed in concurrent equity private placement to form Beyond Cancer that will leverage Beyond Air’s nitric oxide (NO) expertise and take over
About this update from Beyond Air, Inc.
[{"type":"text","content":"$23.9 million committed in concurrent equity private placement to form Beyond Cancer that will leverage Beyond Air’s nitric oxide (NO) expertise and take over development of current solid tumor pipeline Beyond Cancer is led by Selena Chaisson, M.D., as Chief Executive Officer, as well as a seasoned leadership team with experience in emerging healthcare companies and clinical oncology Ultra-high concentration NO (UNO) has shown anticancer properties in preclinical trials by eliciting an immune response which confers immunity to the host Transaction enables Beyond Air to focus on its core business of advancing LungFit® for respiratory diseases, and Beyond Cancer to accelerate development of the oncology pipeline with new funding and leadership GARDEN CITY, N.Y., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ: XAIR), a clinical-stage medical device and biopharmaceutical company focused on developing inhaled nitric oxide (NO) for the treatment of patients with respiratory conditions, including serious lung infections and pulmonary hypertension, and ultra-high concentration nitric oxide (UNO) for the treatment of solid tumors, today announced the separation of its oncology business into a new and independently managed, private company called Beyond Cancer, Ltd. Beyond Air retains its respiratory business and will continue to focus on advancing the LungFit® platform of nitric oxide generators and delivery systems to the market. Beyond Air’s preclinical oncology team and the exclusive right to the intellectual property portfolio utilizing UNO for the treatment of solid tumors now reside with Beyond Cancer. “The decision to spin off our oncology business was made in close collaboration with the Board of Directors and Beyond Air leadership as part of our overall strategy to maximize efficiency and drive value creation to achieve our goals for both patients and shareholders. After a careful assessment of our active portfolio management strategy, it became clear that our oncology business would be more productive as a separate, independently managed entity with its own leadership team and investor base,” said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. “Beyond Air was founded on the promise of NO in respiratory diseases, and this separation will enable a greater focus on the transformational LungFit® platfor...