Avid Bioservices and Oncologie Enter Into Asset Assignment and Purchase Agreement

Avid Bioservices (NASDAQ:CDMO) and Oncologie, Inc. today announced that the companies have entered into an Asset Assignment and Purchase Agreement for Avid’s phosphatidylserine (PS)-targeting program including bavituximab.

As quoted in the press release:

“Partnering our PS-targeting program including bavituximab with a biopharmaceutical company focused on therapeutics in oncology has long been a key corporate objective and we have engaged in discussions with a broad range of potential collaborators throughout the course of the development program.  Oncologie is a company with a deep understanding of cancer biomarkers that might be particularly relevant to bavituximab and we believe they have the resources and expertise to maximize the potential of the program,” said Roger J. Lias, Ph.D., president and chief executive officer of Avid. “Importantly, this deal marks the completion of our transition to a dedicated CDMO, while providing additional capital, both upfront and potentially downstream, to support our CDMO business.”

Click here to read the full press release.