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Phoenix Biotechnology Inc to Acquire Lifeline Biotechnology Inc

July 6, 2021 Comments Off on Phoenix Biotechnology Inc to Acquire Lifeline Biotechnology Inc By admin

Phoenix Biotech Inc, a biotechnology company that makes drugs for the treatment of cancer and other conditions, has announced it will acquire Lifeline BioTec, a California-based biotechnology startup.

Lifeline, a company based in Temecula, California, was founded in 2017.

Phoenix’s acquisition of Lifeline will add to its portfolio of biotech acquisitions and investments.

Phoenix said it plans to spin-off the company into its own company, and will continue to focus on the development of innovative products.

Phoenix plans to use Lifeline’s technology and its existing technology pipeline for drug development.

“The Lifeline team is excited about Phoenix’s continued commitment to bringing new life into cancer and infectious disease,” said Dan Kelleher, CEO of Phoenix.

“Lifeline’s founders have been dedicated to bringing innovative therapies to market in a way that is safe, effective, and affordable.

This acquisition allows Phoenix to focus more on its mission to bring more life into the world and accelerate the pace of clinical trials.”

Lifeline is a biotechological company that uses stem cells derived from embryonic stem cells and the cells’ progeny to treat various cancers.

It is developing drugs to treat diseases such as melanoma and colon cancer.

The company said in a statement that it will continue operations in Temepulcun, California.

Lifelines founder and CEO Dr. Christopher Prentice said the acquisition will help accelerate the development and delivery of innovative therapies for cancer and cancer-related conditions.

“Our team will focus on developing breakthrough products, which will deliver to the patient at a fraction of the cost of today’s drugs, in a safer and more cost-effective way,” Prentice added.

“We look forward to continuing to grow our community of collaborators, customers and investors, and to building the next generation of life-saving therapies.”

The company was founded by Prentice and his wife, Tracey, in 2017 and focused on the research and development of stem cell therapies.

In May 2018, the company launched its first clinical trial in patients with advanced colon cancer, in which its cells were implanted into the esophagus of patients with metastatic colorectal cancer.

In July 2018, Phoenix also announced it would begin a Phase 1 clinical trial of an investigational treatment for melanoma.

Phoenix is a publicly traded company with $2.9 billion in revenue, according to its website.

Phoenix has been an investor in biotechnology companies, including AstraZeneca and Sanofi.

Phoenix also has a $4.6 billion investment from Biogen, a private biotechnology firm, in an initial public offering.

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