Firm also closed a $25 million financing and became a subsidiary of Manhattan Pharmaceuticals.
TG Therapeutics inked a license agreement with LFB Biotechnologies and GTC Biotherapeutics for worldwide, commercial rights to Ublituximab. The compound is a chimeric mAb targeting an epitope on the CD20 antigen found on B lymphocytes.
Separately, TG Therapeutics closed a capital raise, resulting in gross proceeds of approximately $25 million. The financing will be used primarily to fund the continued clinical development of Ublituximab and general corporate purposes.
Additionally, TG Therapeutics became a majority-owned subsidiary of Manhattan Pharmaceuticals, which intends to change its name to TG Therapeutics. TG Therapeutics was formed as a spinout from LFB Biotechnologies (minority stake) to focus on Ublituximab for the treatment of various B-cell proliferative disorders.
LFB Biotechnologies is a wholly owned subsidiary of LFB that focuses on the group’s R&D and biotech activities in two core areas: mAbs and technological innovations in biomanufacturing. GTC Biotherapeutics is a wholly owned subsidiary of LFB Biotechnologies that develops, supplies, and commercializes therapeutic proteins produced through transgenic animal technology.
Ublituximab has reportedly been bioengineered for enhanced biological activity with an increased ability to trigger an immune response, delivering superior antibody-dependent cell-mediated cytotoxicity (ADCC) effects to aid in B-cell depletion. Ublituximab has displayed high single agent activity in a Phase I/II trial in patients with relapsed chronic lymphocytic leukemia (CLL). It is being developed in multiple oncology and autoimmune indications and was granted orphan status in Europe and in the U.S. for B-cell CLL.