Business
Xenetic Biosciences, Inc. Reports 2019 Year End Results and Provides Corporate Update
-Company continues to advance preclinical development of its XCART™ CAR T therapy platform -- Expands XCART resources by adding expertise in cell therapy
About this update from Xenetic Biosciences, Inc.
[{"type":"text","content":"-Company continues to advance preclinical development of its XCART™ CAR T therapy platform -- Expands XCART resources by adding expertise in cell therapy translational science and CMC -- Cash on hand expected to fund operations through mid-2021 -FRAMINGHAM, MA / ACCESSWIRE / March 27, 2020 / Xenetic Biosciences, Inc. (NASDAQ:XBIO) (\"Xenetic\" or the \"Company\"), a biopharmaceutical company focused on advancing XCART™, a personalized CAR T platform technology engineered to target patient- and tumor-specific neoantigens, today reported its financial results for the year ended December 31, 2019 and provided a corporate update.Jeffrey Eisenberg, Chief Executive Officer of Xenetic, stated, \"2019 proved to be a pivotal year for Xenetic with our completion of the acquisition of XCART, a differentiated CAR T platform technology that we believe has the potential to address a significant unmet need in B-cell non-Hodgkin lymphoma. Moving forward we believe 2020 will be an important year for the Company as we plan to continue driving the development of XCART. To that end, we have made encouraging progress with additions to our team and are advancing towards securing an academic collaboration. We believe this pathway will provide many advantages, including access to manufacturing suites, established CMC and regulatory infrastructure and cost and risk mitigation.\"\"In the fourth quarter of last year, we received our first royalty payment under our agreement with Takeda involving our proprietary PolyXen® technology in the field of coagulation disorders. While the recognized payment was modest, it is what we expected given the early stages of this product launch. Importantly, the commencement of royalties reaffirms the value of our PolyXen intellectual property and the opportunity to leverage it to prolong a drug's circulating half-life and potentially improve other pharmacological properties. Further, in these unprecedented times, we are reviewing our portfolio of intellectual property assets to see if we can contribute in any way to the global effort to address the current health threat of COVID-19,\" continued Mr. Eisenberg. \"As we advance into the rest of 2020, despite the current climate of financial uncertainty, we are moving our operation and development efforts forward with a strong cash balance which we believe provides us with a ...