Fate Therapeutics to acquire Ottawa biotechnology company Verio Therapeutics
April 09, 2016
"We have admired Fate's stem cell biology expertise, proprietary induced pluripotent stem cell technology platform and its unique pharmacologic approach to stem cell medicine, which is complementary to Verio's," said Frank Gleeson, CEO of Verio Therapeutics. "Joining forces with Fate not only unites the top stem cell scientists in North America but, more significantly, creates an ideal opportunity to rapidly advance our therapeutic programs into advanced preclinical and clinical testing for the treatment of major medical conditions, such as sarcopenia, diabetes and heart disease."
Fate Therapeutics was recently named one of the 50 most innovative companies in the world by MIT's Technology Review. The Company is combining leading expertise in adult stem cell biology with the most advanced induced pluripotent stem cell (iPSC) technology to recreate adult stem cell niche environments for the discovery of "stem cell modulators," small molecule or biologic compounds that guide cell fate in vivo for therapeutic benefit. Fate Therapeutics is currently conducting a Phase 1b clinical trial of its lead stem cell modulator, FT1050, a small molecule drug that is administered during the normal course of a dual umbilical cord blood transplant and is designed to enhance hematopoietic stem cell proliferation and homing. The Company's iPSC intellectual property position was significantly bolstered last month, as the United States Patent and Trademark Office granted U.S. Patent No. 7,682,828 with a priority date of November 26, 2003, which covers certain ground-breaking reprogramming work of Rudolf Jaenisch, M.D., founding member of the Whitehead Institute for Biomedical Research and a scientific founder of Fate Therapeutics.
"We are excited to add Verio's biologics capabilities and preclinical programs to complement Fate's rapidly progressing pipeline of stem cell modulators," said Scott Wolchko, chief financial officer of Fate Therapeutics. "With our strong balance sheet, experienced management team, robust technology platform and emerging pipeline of small molecules and biologics, we believe Fate Therapeutics is well positioned to partner with pharmaceutical companies seeking to intervene in adult stem cell biology for regenerative medicine."
SOURCE Fate Therapeutics, Inc.