Benzinga | Apr 15, 2021 04:17PM EDT

Brooklyn ImmunoTherapeutics Pays $1M Towards Acquisition of License for mRNA Technology Platform to Develop Genetically Edited Cells for Multiple Cancers and Blood Disorders

Brooklyn ImmunoTherapeutics, Inc. (NYSE:BTX) ("Brooklyn"), a biopharmaceutical company focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, today announced it has paid $1 million towards the acquisition of a license for Factor Bioscience's and Novellus' mRNA Gene Editing and Cell Therapies technology and has extended through May 21, 2021 its option exercise period for entering into a related license agreement with Factor Bioscience and Novellus.

If a license agreement is completed, it would allow Brooklyn to utilize an extensively patented process to seek to develop gene edited compounds using mRNA, which preclinical data suggest to be more efficient, non-immunogenic and non-mutagenic, for treatment of several solid tumor and liquid indications, sickle cell anemia, as well as a number of additional inherited disorders. Gene editing is an investigational technique that is used to add, delete, or correct a patient's genetic material in an effort to treat a disease. Research suggests that editing genes in patients could potentially result in cures for a number of genetic diseases. The licensed platform would include mRNA cell reprogramming, mRNA-based gene editing, a proprietary gene editing protein, and the proprietary ToRNAdo lipid delivery system that provides efficient delivery of mRNA ex vivo and in vivo to skin, brain, eye and lung tissue.

If Brooklyn does not enter into the license agreement by May 21, 2021, it will be entitled to be reimbursed for the $1 million payment.