Business
Xenetic Biosciences, Inc. Reports Second Quarter 2019 Financial Results and Provides Corporate Update
- Building momentum with recent acquisition of innovative XCART platform technology and closing of $15 million underwritten public offering- Corporate
About this update from Xenetic Biosciences, Inc.
[{"type":"text","content":"- Building momentum with recent acquisition of innovative XCART platform technology and closing of $15 million underwritten public offering- Corporate strategy shift with entry into the CAR T space positions Company to drive significant value for shareholders - Company executes on initial step in XCART development through recent signing of a research agreement enabling advancement towards its stated goal of establishing an academic collaboration for XCART developmentFRAMINGHAM, MA / ACCESSWIRE / August 15, 2019 / Xenetic Biosciences, Inc. (NASDAQ: XBIO) (“Xenetic” or the “Company”), a clinical-stage biopharmaceutical company focused on the discovery, research and development of next-generation biologic drugs and novel orphan oncology therapeutics, announced today its financial results for the quarter ended June 30, 2019 and provided a corporate update.Recent Corporate Highlights Closed $15.0 million underwritten public offering; Completed transformative acquisition of novel CAR T (“Chimeric Antigen Receptor T Cell”) platform technology, called “XCART,” a proximity-based screening platform capable of identifying CAR constructs that can target patient-specific tumor neoantigens, which has demonstrated proof-of-mechanism in B-cell Non-Hodgkin lymphomas;Commenced XCART development efforts to conduct initial tech transfer of XCART methods to a future academic collaborator; andStrengthened scientific advisory board with recent appointments and continued build out of expertise in hematologic cancers and cell therapy.“Over the course of 2019 we have taken deliberate steps to transition Xenetic’s focus and opportunities with the acquisition of the XCART platform technology. We signed the acquisition agreement in the first quarter, then worked to not only fund the transaction but also to secure the capital required to advance this potentially game-changing technology through early development. Now that the financing and transaction closing are behind us, we believe we have opportunities to successfully achieve corporate, clinical and regulatory milestones and drive significant shareholder value,” commented Jeffrey Eisenberg, Chief Executive Officer of Xenetic.“We acknowledge that this has been a challenging period for our stakeholders, and unfortunately, we believe our recent progress and momentum is not properly reflected in our current ...