Is EnGeneIC listed on the ASX?

Two scientists in a Rhythm Biosciences lab cheer while looking at results on a computer.

It has been a great week for people involved with EnGeneIC.

The small Sydney based biopharmaceutical company is getting a lot of attention today after announcing a landmark deal with US biotechnology company ImmunityBio (NASDAQ: IBRX).

The question on the lips of many investors today is: Is EnGeneIC listed on the ASX?

Is EnGeneIC listed on the ASX?

Unfortunately, at this point EnGeneIC is a private company and not listed on the Australian share market.

As a result, anyone wishing to buy EnGeneIC shares, will have to sit tight and wait to see if the company launches an initial public offering (IPO) in the future.

But given its recent landmark deal, it wouldn’t be overly surprising to see the company on the ASX boards in 2022.

What was the landmark deal?

According to its press release, EnGeneIC will grant ImmunityBio an exclusive, worldwide licence to develop, manufacture and commercialise its patented EnGeneIC Dream Vector (EDV) nanocell technology in combination with the latter’s anti-cancer drugs and COVID-19 vaccine.

The release explains that early results from a clinical trial in adults indicate that the antibodies generated by EDV can neutralise COVID-19 and all of its variants, including Delta. Though, it is worth noting that there is no mention of the Omicron variant.

In addition, the technology also targets and effectively kills cancer cells with minimal toxicity, while stimulating an anti-tumour immune response.

Phase I and IIa trials in patients with advanced pancreatic cancer are underway, and the FDA recently approved another trial in the US. The companies have agreed to a 50:50 split on net profit from worldwide sales of EDV-based therapeutics.

Excitement in the US

News of the deal has got investors excited in the United States. The ImmunityBio share price jumped 22% overnight, taking the company’s market capitalisation to approximately US$3 billion.

ImmunityBio’s Executive Chairman, Patrick Soon-Shiong, commented: “It was so exciting and refreshing to find a company and its founders, who believe like we do in the power of the immune system to fight cancer and infectious diseases such as COVID.”

“Drs MacDiarmid and Brahmbhatt have dedicated their careers to bringing this vision to fruition and we are honoured to partner with EnGeneIC to transform how these life threatening diseases are treated. A critical element of the platform is the ability to democratize this technology across the globe and bring much needed 21st century care to the under developed world,” he added.

Joint EnGeneIC CEOs, Dr Himanshu Brahmbhatt and Dr Jennifer MacDiarmid, said: “We believe this collaboration will result in an effective vaccine, particularly against mutants of concern, being deployed in developing countries where vaccine rollout is logistically challenging.”

The post Is EnGeneIC listed on the ASX? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia

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