HLB Innovation said on the 20th that it has fully incorporated Verismo Therapeutics, a U.S. next-generation chimeric antigen receptor (CAR)-T developer, as a wholly-owned subsidiary. HLB Innovation has completed the incorporation process and secured 100% equity in Verismo.
Verismo, located in Philadelphia, is a biotech company founded by researchers from the University of Pennsylvania who collaborated to develop the first CAR-T treatment, Kymriah. Currently, it is simultaneously conducting Phase 1 clinical trials for solid tumors, including ovarian cancer, cholangiocarcinoma, and mesothelioma (STAR-101), as well as for relapsed non-Hodgkin lymphoma (NHL) (CELESTIAL-301) in the U.S.
CAR-T treatments are drugs designed to genetically manipulate T cells to target and attack cancer cells like guided missiles, while barely affecting healthy cells. The treatment involves adding a gene that produces a protein that binds to cancer cells to immune cells extracted from the patient, which are then reinfused into the body.
HLB Innovation decided to fully incorporate Verismo as a wholly-owned subsidiary, believing that Verismo has already succeeded in developing CAR-T treatments and possesses a next-generation CAR-T treatment platform, KIR-CAR technology, which significantly improves the 'T-cell exhaustion' phenomenon that has been a disadvantage of existing CAR-T therapies. This positions the company as the leading corporation in the field of solid tumors, where CAR-T treatments are still lacking.
The corporation plans to actively support Verismo's clinical trials through this acquisition to maximize its corporate value. Recently, they appointed Dr. Brian Kim, co-founder and CEO of Verismo, as the co-CEO of HLB Innovation for this purpose.
Brian Kim, co-CEO of HLB Innovation, said, “This merger has set the stage for accelerating the development of Verismo's clinical pipeline,” and added, “I will do my best to leverage HLB Group's robust biotech ecosystem to create synergies.”
Kim Hong-cheol, co-CEO of HLB Innovation, noted, “Verismo is led by world-class researchers in the CAR-T field, including Carl June, a strong candidate for the Nobel Prize, and Mike Milone, a co-founder of Verismo, who co-developed Kymriah,” and stated, “If the interim results for the solid tumor Phase 1 trial are confirmed next year, we expect a significant improvement in our corporate value.”