GlobeNewswire
VAXIL BIO LTD. ("Vaxil" or the "Company") (TSX VENTURE: VXL), an innovative biotech company announces that further to our press release from October 14, 2021, the Company, together with Short Wave Pharma Inc ("Shortwave"), have agreed not to pursue Vaxil's acquisition of Shortwave. The decision was reached by both entities following a due diligence process, concluding that the transaction does not deliver sufficient synergies for the two parties.
The parties believe that value can be created by meeting the medical needs of patients suffering from mental health, neurodegenerative and chronic conditions through the use of psychedelics but the combination of Vaxil and Shortwave is not the optimal platform to achieve these scientific goals.
<span dir="LTR">ABOUT SHORT WAVE</span>
Shortwave is an Israeli based pre-clinical stage biotech company focused on the development of IP-protected formulations and delivery methods of psychedelics-based medicine. The Company is finalizing preparations for pre-clinical studies related to its resistant anorexia nervosa program. Shortwave's unique formulation and innovative drug administration methods are designed to augment treatment control and adherence and improve patient experience. Its leadership team combines years of experience in psychedelics-assisted psychotherapy, drug formulation and clinical research, accelerated regulatory pathways and pharmaceutical as well as cannabis-industry business expertise. The Company's future programs are aimed at addressing chronic pain and neuro degenerative diseases.
<span dir="LTR">ABOUT VAXIL </span>
Vaxil is an Israeli immunotherapy biotech company focused on its novel approach to targeting prominent cancer markers and infectious diseases. Its lead product ImMucin(TM) successfully completed a Phase 1/2 clinical trial in multiple myeloma for which it received orphan drug status from the FDA and EMA. The Company aims to continue to develop ImMucin(TM), a COVID-19 and a tuberculosis vaccine / treatment that has demonstrated promising preliminary results with further preclinical evaluation planned. Additional indications and mAb candidates are under evaluation as immuno-oncology and infectious disease treatments alone and in combination with other treatments.
Vaxil exploits the unique properties of signal peptide domains on crucial proteins to develop targeted therapies against cancer targets and infectious disease pathogens. These signal peptide domains are identified by VaxHit(TM), Vaxil's proprietary bioinformatic approach. These signal peptides induce a robust T- and B-cell response across wide and varied HLA subtypes, while acting as true, universal neoantigens. The peptide platform targets these cells by "educating" or specifically activating the immune system to recognize and attack the affected cells. In addition, Vaxil's mAb platform directly recognizes the target protein expressed on malignant cells and recruits other elements of the immune system to lyse those cells.
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