Finnish cancer companies announce merger

Merger

CTT Cancer Targeting Technologies Ltd and Karyon Ltd are to merge to form a strong Finnish player in the field of antigen-based targeting systems for the oncology field.

Both companies are active in the fields of targeted imaging and therapy. Karyon focuses on the discovery and early development of peptides that target cancer antigens for imaging or therapeutic applications.

CTT has discovered a number of proprietary peptides and has developed a proprietary liposome delivery platform.

“This is a significant step in Finnish biotech” said Jari-Matti Mehto, CEO of CTT Cancer Targeting Technologies. “Combining the resources of the two companies will help us to get our products into the clinic faster”

This is endorsed by Rabbe Slätis, CEO of Karyon Ltd, who emphasised that the merged company will be in a better position to commercialise the company’s products.

Slätis will become CEO for the new company, Karyon-CTT Ltd, while Mehto will be Chief Operations Officer.

Cancer antigens are expressed in large quantities in certain tumors. At a diagnostic level radiolabeled peptides that target these antigens can be used for locating primary tumors and metastases, while the peptides can also carry a cytotoxic payload.