Cytori bags Azaya drugs in asset purchase; Woodford offers a mea culpa on Northwest Bio
• Cytori is adding a pair of oncology drugs to its portfolio with the acquisitions of assets from San Antonio-based Azaya. Azaya has been at work on nanoparticle drugs. Their lead program is reserved for ATI-0918, “an off-patent, complex, generic nanoparticle liposomal formulation of doxorubicin hydrochloride, a widely used chemotherapeutic agent often used to treat breast cancer, ovarian cancer, multiple myeloma, and Kaposi’s sarcoma.” Cytori is paying $2 million in stock and paying off a couple of million in debt. Azaya also stands to gain up to $166 million for a variety of milestones and deal contingencies. Cytori says AI-0918 could be ready for launch in Europe in 2019, if everything works out.
• Neil Woodford’s Woodford Patient Capital Trust continues to apologize for blundering into a bad bet on Northwest Bio $NWBO. Here’s the latest from Mitchell Fraser-Jones: “We are often asked what went wrong with this investment and what lessons have we learned. As Neil said at the annual general meeting back in May last year, the decision to invest in Northwest Biotherapeutics was an error of judgment. We were initially attracted to the company’s unique technology. From the outset, we were aware of the potential governance issues but we underestimated their extent. Furthermore, we overestimated our ability to influence change at the company. We will always do everything that we can to ensure positive long-term outcomes for our investors, but this case study suggests that it is not always enough. The governance issues at Northwest Biotherapeutics have continued to conspire to shred investor confidence in the business.”
• The FDA has formally kicked off its Oncology Center of Excellence under Richard Pazdur, which will coordinate reviews for all cancer drugs, biologics and devices.