Cell Therapeutics, Inc. Completes Acquisition of SMi
PR Newswire
July 31, 2007: 08:29 PM EST
SEATTLE, July 31 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) today confirmed that it has completed the acquisition of Systems Medicine, Inc. (SMi), a privately held oncology company, in a stock for stock merger valued at $20 million. SMi stockholders could also receive a maximum of $15 million in additional consideration upon the achievement of certain regulatory milestones. The acquisition of SMi provides CTI with worldwide rights to Brostallicin, a DNA minor groove binding agent with proven anti-tumor activity. SMi will continue to operate as a wholly-owned subsidiary of CTI.
One has to wonder (at least I do), why these guys sell out to CTIC in a stock for stock transaction. Was that the best offer on the table?
Erik
About the Founders of SMi
SMi's team includes Richard Love, a founder and Chairman of the Board of SMi and a Partner of Translational Accelerators, LLC, an Arizona-based venture capital fund. He started two biopharmaceutical companies, Triton Biosciences Inc. and ILEX Oncology, serving as CEO in both, where he led teams that were responsible for the clinical development of numerous important therapeutic products, four of which are currently used in the practice of medicine: Betaseron®, Fludara®, CAMPATH®, and Clolar(TM). Love serves on the Boards of PAREXEL International Inc., ImaRx Therapeutics Inc. and Molecular Profiling Institute.
Daniel D. Von Hoff, M.D. is SMi's principal founder and continues to play a vital role in guiding SMi's clinical operations and overall strategy. Von Hoff is also Physician-in-Chief at TGen, as well as Professor of Medicine, Molecular and Cellular Biology and Pathology at the University of Arizona and Chief Scientific Officer for U.S. Oncology. Von Hoff focuses on the discovery and development of new anticancer agents and was deeply involved in the development of mitoxantrone, fludarabine, paclitaxel, docetaxel, gemcitabine, CPT-11, and others.
Jeff Jacob, CEO and a founder of SMi, is a founding Board Member of CPATH Institute, a non-profit endeavor co-founded by the U.S. Food and Drug Administration (FDA), University of Arizona, and SRI International. Jacob brings extensive experience in early stage technology venture development.
Timothy Williamson is CBO and a founder of SMI. Tim's industry experience includes senior positions at Merck, Genentech, Boehringer Mannheim, ILEX Oncology and DirectGene playing key roles in the commercialization of many products including: Merck's HEPTAVAX-B®, RECOMBIVAX-B®, NOROXIN®, MEFOXIN® and PRIMAXIN®; Genentech's PROTROPIN® and ACTIVASE®; Boehringer Mannheim's ANEXSIA®; and, ILEX's CAMPATH®. |
