logo-loader
RNS

Investment in SalvaRx Limited

/**/ .n { MARGIN: 72pt; size: 595.3pt 841.9pt } DIV.n { } P.aj { TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Times New Roman","serif"; COLOR: black; FONT-SIZE: 12pt; FONT-WEIGHT: bold } SPAN.ah { FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } P.ak { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } SPAN.af { FONT-SIZE: 12pt } P.al { TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } SPAN.ac { COLOR: black; FONT-SIZE: 12pt } SPAN.ab { FONT-SIZE: 12pt } P.am { TEXT-ALIGN: justify; MARGIN: 0cm 0cm 16.2pt; FONT-FAMILY: "Times New Roman","serif"; FONT-SIZE: 12pt } SPAN.aa { FONT-FAMILY: "Calibri","sans-serif"; COLOR: black } P.an { TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt; FONT-WEIGHT: bold } SPAN.x { COLOR: black; FONT-SIZE: 12pt } P.ao { TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } P.ap { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt; FONT-WEIGHT: bold } TABLE.aq { WIDTH: 509.35pt; BORDER-COLLAPSE: collapse } TR.p { HEIGHT: 15pt } TD.t { PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 279.8pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0cm } P.ar { PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt; FONT-WEIGHT: bold } SPAN.v { COLOR: black; FONT-SIZE: 12pt } TD.r { PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 17.8pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0cm } P.as { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } TD.q { PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 179.35pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0cm } P.a { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } LI.a { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } DIV.a { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } /**/
RNS Number : 6086A
3Legs Resources plc
30 September 2015
 



3Legs Resources plc

 

("3Legs" or "the Company")

 

Investment in SalvaRx Limited

 

 

The Company is pleased to announce it has subscribed £215,000 for new shares in SalvaRx Limited ("SalvaRx"), a company owned by Jim Mellon and Dr Greg Bailey, which owns 60.5 per cent. of iOx Therapeutics Limited ("iOx"), a new company which is developing a series of compounds for cancer immunotherapy.  Mr Mellon and Dr Bailey are also subscribing £215,000 for new shares in SalvaRx on the same terms.  3Legs holds 11.1 per cent. of the enlarged share capital of SalvaRx following the investment.

 

iOx's technology is based on a discovery by Professor Vincenzo Cerundolo MD, PhD, the Director of the Human Immunology Unit at the Weatherall Institute of Molecular Medicine at Oxford University and supported by the Ludwig Institute for Cancer Research. Its compounds stimulate invariant natural killer T cells, and preclinical testing in several cancer models suggest the compounds can inhibit the growth of tumours.

 

SalvaRx has a strong management team with considerable experience in the field of cancer immunology.  It is being led by Ian Walters, MD, who is a veteran oncology drug developer, formerly of Bristol-Myers Squibb, where he managed physicians overseeing the international development of several oncology compounds and was also a core member of the Strategic Transactions Group, which evaluated and executed licencing agreements and the company's immunotherapy strategy.  Ian is joined by SalvaRx's Chief Scientific Officer, Rob Kramer, PhD, who was Global Head of Oncology Discovery Research at Bristol-Myers Squib and Jansen Pharmaceuticals.  Together, the team have contributed to the development of over 30 drugs, including blockbuster cancer immunotherapies Yervoy® (ipilimumab) and Opdivo® (nivolumab).

Dr Walters commented, "The SalvaRx team welcome the investment from 3Legs as helping us execute on our business model of identifying, developing, and financing novel therapeutics that stimulate the immune system to fight cancer.  The team are eager to build on the iOx investment by adding additional products or companies."

Richard Armstrong, the Company's Chairman, added, "The particular area on which SalvaRx is focused has recently attracted considerable interest as an approach to the treatment of cancer and the Board believes that this investment represents an exciting development and is a first step in implementing the Company's new investing policy."

 

Related Party Transaction

 

Jim Mellon and Greg Bailey are both Non-executive Directors of 3Legs and own, in aggregate, 29.9 per cent. of the Company's issued share capital.  They are also Directors of SalvaRx and own 50 per cent. each of its issued share capital.  Consequently, the Company's investment in SalvaRx constitutes a related party transaction under the AIM Rules.  The independent directors of 3Legs, being Richard Armstrong and Colin Weinberg consider, having consulted Northland Capital Partners Limited, the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. 

 

 

Enquiries

3Legs Resources plc



Richard Armstrong

Tel:

07787 500221

Colin Weinberg

Tel:

07836 588504




Northland Capital Partners Limited

Tel:

0207 382 1100

(Nominated Adviser and Broker)



Matthew Johnson / Edward Hutton (Corporate Finance)



John Howes / Abigail Wayne (Corporate Broking)






Peterhouse Corporate Finance Limited

Tel:

0207 469 0934

(Joint Broker)



Lucy Williams / Duncan Vasey                                             






 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCPGUBPBUPAGAB

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

RNS