Cerus Spins off Immunotherapy Business
Cerus Corporation, a biopharmaceutical company, announced this week that they have spun off their immunotherapy business. This move will allow the organization to focus resources on building their business for blood safety technology. The news was published on the Cerus website.
In particular, the reorganization will foster attention to commercialization plans for the Cerus Intercept Blood system. This product destroys viruses and bacteria found in blood that was donated. Both the platelet and plasma systems have received the CE mark of approval. A modified system to evaluate red blood cells is undergoing preliminary trials.
David Cook, Ph.D. and Thomas Dubensky, Ph.D. , members of the Cerus executive management team will oversee the new company. They will hold the positions of Chief Executive Officer and Chief Scientific Officer, respectively.
Cerus still holds 15.5 percent of the stake in the new organization. Another $1.5 million will be received if the new company achieves a series of specified milestones, particularly the commercialization of vaccine candidates.
Three different immunotherapies for the treatment if cancer were developed by Cerus. These therapies were created to target the immune system, stimulating a response to the malignant cells.
November 23, 2007 Related topics: Corporate Financials