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Komfie Manalo, Opalesque Asia: American hedge fund Ridgeback Capital Investments, which is run by renowned healthcare sector investor Wayne Holman, has injected $15m into Prima Biomed in exchange for convertible notes, various media reported.
Under the deal, Sydney-based Prima will receive $13.75m in cash from Ridgeback. The hedge fund will also buy some $1.25m worth of ordinary shares in Prima and gain the right to nominate a director into the company’s board, reported SBS.com.
The board of Prima, whose main therapy targets ovarian and pancreatic cancers, will have to approve of the deal before it becomes final. It was understood that Prima will use the fresh funds to conduct more clinical trials of IMP321, an injectable protein that improves the ability of white blood cells to destroy cancer tumors, the report said.
According to Proactiveinvestors.com, Ridgeback has a reputable track record of portfolios in several U.S. and European immunotherapy firms, including Adaptimmune Therapeutics, Bellicum, Cellectis, Medigene and Trillium.
The report added that IMP321 has shown to bolster the clinical response rate in cancer patients when use...................... To view our full article Click here
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