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Pacira BioSciences Announces Equity Investment in GeneQuine Biotherapeutics
Supports Development of Promising Gene Therapy Platform for Osteoarthritis PARSIPPANY, N.J., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc.
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"Supports Development of Promising Gene Therapy Platform for Osteoarthritis\nPARSIPPANY, N.J., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the leading provider of innovative non-opioid pain management options, today announced that the company will lead an equity investment in GeneQuine Biotherapeutics GmbH. Under the terms of the agreement, Pacira will make an initial investment of €2.0 million with an additional €4.0 million investment predicated upon GeneQuine achieving certain prespecified near-term milestones related to its lead gene therapy product candidate, GQ-303. Up to €2.5 million of the total Pacira investment will be in the form of a convertible note. In addition, Pacira is entitled to appoint one member to GeneQuine’s board of directors. “Our equity investment in GeneQuine represents a significant opportunity to participate in the development of what we believe is an exciting disease-modifying gene therapy for osteoarthritis. GeneQuine is conducting preclinical work to support the initiation of human studies in approximately two years. In addition to our confidence in this transaction as a sound investment, we enthusiastically look forward to the maturation of data and for further opportunity to participate in GeneQuine’s successful preclinical program and entry into the clinic. Importantly, this investment is consistent with our mission to advance innovative pain management and regenerative health solutions,” said Ron Ellis, DO, senior vice president of corporate strategy and business development at Pacira BioSciences. GeneQuine Biotherapeutics is a privately held biopharmaceutical company headquartered in Hamburg, Germany that is advancing a gene therapy platform for the treatment of osteoarthritis (OA) and other musculoskeletal disorders. GeneQuine’s product candidates are next-generation gene transfer vehicles. These gene therapy vectors are highly efficient in entering joint cells to confer multi-year gene expression. Safety of this platform has been demonstrated in several species and is currently being evaluated in an ongoing Phase 1 study. GQ-303 and its analogs are currently in preclinical development as a treatment for OA. These helper-dependent adenoviral gene therapy vectors express proteoglycan 4 (PRG4), a protein that plays an important physiological role in regulating OA ...