On Monday, Intec Pharma (NASDAQ: NTEC) said it is to merge with privately-held, preclinical-stage biotechnology company Decoy Biosystems, Inc.
Intec Pharma’s share price surged on the announcement, opening at $7.34 before falling to where it is now sitting at $5.92, up 31.85%.
Intec said the combined company will advance its immunotherapy platform to battle various tumour types and chronic viral infections.
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Decoy, which is developing novel, multi-targeted products that safely prime both innate and adaptive anti-tumour and anti-viral immune responses, held a pre-IND meeting with the FDA and plans to file an IND in the second half of 2021 and to initiate a Phase 1 clinical trial in 2022 targeting solid tumours and lymphomas.
Once the merger is completed, Decoy’s stockholders will own approximately 75% of the combined company, with Intec shareholders expected to hold about 25%.
The combined company is expected to be led by Jeffrey Meckler as Chief Executive Officer and Michael Newman as Chief Scientific Officer, with Dr Roger Pomerantz serving as Chairman.
“This transformative transaction provides Intec with a robust clinical pipeline based on a novel immunotherapy platform and gives Intec entrée into the exciting area of immuno-oncology,” said Jeffrey Meckler, Vice Chairman and CEO of Intec Pharma.