Isogenica acquires Karyon; raises £2 million

Acquisition

Isogenica Ltd has acquired the Finnish biotechnology company, Karyon CTT Ltd. (KCTT) and at the same time raised £2 million.

Under the terms of the acquisition agreement, Isogenica will acquire the intellectual property portfolio and the laboratory equipment of KCTT. At the same time the Finnish company KC Holding Ltd has, in exchange for a £2 million cash investment, received an unspecified number of Isogenica’s ordinary shares.

Karyon specialises in the development of peptide-based tumour targeting systems. Its Karyon-CTT  Targeting Units (TU) are designed to be used for delivery of diagnostic imaging agents or therapeutic compounds to tumours.

Cambridge-based Isogenica has developed an in vitro display technology, which provides a novel means of rapidly identifying polypeptides that bind with high affinity and fine specificity to any given molecular target. The technology can also be used for enhancing the efficacy of therapeutic and diagnostic peptide products.

Karyon-CTT was founded in 2006 through a merger of two biotech companies CTT Cancer Targeting Technologies Ltd. and Karyon Ltd. The main investors are, SITRA, the Finnish Innovation Fund, the Mutual Pension Insurance Company VARMA , Helsinki University Funds, Venture Capital Funds and private risk investors. Founders and personnel control some 20 per cent of the company. The company has to date raised some €11 million.

“We are delighted that the board and owners of KCTT concluded that Isogenica was an attractive new home for KCTT’s principal assets. The cash investment along with the laboratory equipment will significantly strengthen Isogenica’s operations while the IP portfolio contains some compounds that, when further optimised using CIS display could result in the creation of assets with substantial value,” said Kevin FitzGerald, Isogenica's CEO.