DNA vaccine delivery company Inovio Biomedical is merging with DNA vaccine developer VGX Pharmaceuticals. Inovio is issuing new shares for the deal, which should close before the end of the year. The combined company, which will be called VGX, will join forces behind a pipeline of DNA vaccines. After the reverse merger is complete, Inovio says that most of its 50 workers in San Diego will stay on there, working in R&D. VGX is based in Blue Bell, PA.
The acquisition gives VGX a complementary technology. VGX's DNA vaccines consist of large molecules that have difficulty entering cells while Inovio has the technology to facilitate that process.
"Merging with VGX Pharmaceuticals immediately adds a broad pipeline of DNA vaccine candidates and a team of internationally recognized scientists with strong DNA vaccine expertise, which we believe will provide the combined company with the capability to rapidly advance DNA vaccine candidates into the clinic," said Inovio CEO Avtar Dhillon.
- here's the release
- read the AFX report