Full Press Release Details
Century Therapeutics
Strengthens Position in Autoimmune Disease with Strategic Pipeline Expansion Supported by $60 Million Private Placement and Acquisition
of Clade Therapeutics
Century is pursuing additional autoimmune disease
regulatory filings for its iPSC derived iNK cell therapy, CNTY-101, beyond CALiPSO-1 trial in SLE, based on the potential of its differentiated
Private placement of $60 million led by Bain
Capital Life Sciences supports expansion in autoimmune disease; Reinforcing cash runway into 2026
Acquisition of Clade Therapeutics strengthens
Century's position as a leader in allogeneic, iPSC-derived cell therapy through enhancement of pipeline and next generation Allo-EvasionTM
expanded pipeline incorporates three additional preclinical-stage programs from Clade's ab
iT platform spanning across cancer and autoimmune diseases
April 11, 2024 - Century Therapeutics (NASDAQ: IPSC), an innovative biotechnology company developing induced
pluripotent stem cell (iPSC)-derived cell therapies in immuno-oncology and autoimmune and inflammatory diseases, today announced plans
to expand clinical development for its lead program, CNTY-101, a CD19-targeting iNK cell therapy, into additional autoimmune disease
indications. CNTY-101 is currently being evaluated in a clinical trial in B-cell malignancies (ELiPSE-1) as well as a planned clinical
trial in systemic lupus erythematosus (SLE) (CALiPSO-1), which is on track to be initiated in the first half of 2024. Century plans to
pursue additional autoimmune disease indication regulatory filings in 2024. Century's increased research and development activities
in autoimmune diseases are further supported by a $60 million private placement of its common stock to certain institutional investors.
Concurrently, Century announced pipeline and platform enhancements through the acquisition of Clade Therapeutics, Inc. ("Clade"),
a privately-held biotech company focused on discovering and delivering engineerable, off-the-shelf, scalable, and consistent stem cell-based
medicines, with a focus on iPSC-derived ab T cells. The acquisition brings additional iPSC-focused
pipeline programs and technology to Century spanning across cancer and autoimmune diseases.
"Today's news signifies a transformative milestone for Century,
as we accelerate and broaden our research and development initiatives in autoimmune diseases and iPSC-derived cell therapy on a larger
scale. With support from a distinguished group of investors, coupled with the acquisition of Clade, we are poised for continued success,"
said Brent Pfeiffenberger, Pharm.D., Chief Executive Officer of Century. "We believe this strategic expansion of CNTY-101 into
additional autoimmune disease indications, coupled with the incorporation of multiple new next-generation assets into our pipeline, represents
an important step forward in our goal to address significant unmet need for patients across these serious diseases. We look forward to
initiating CALiPSO-1 in SLE in the first half of this year, as well as the near-term pursuit of additional regulatory filings in autoimmune
disease for CNTY-101, and presenting additional clinical data from ELiPSE-1 trial in the middle of this year."
Autoimmune Expansion
Century is pursuing additional regulatory filings for CNTY-101 in
autoimmune disease indications with limited current treatment options and high unmet need. CNTY-101 is a CD19 targeting allogeneic iNK
cell therapy with 6 precision gene edits powered by Century's Allo-EvasionTM technology, which enables repeat dosing
without the need for continued lymphodepletion. This provides the opportunity to create tighter control over drug exposure and potentially
enable B-cell depletion without causing prolonged B-cell aplasia. Use in autoimmune disease is also supported by Century's preclinical
data demonstrating CNTY-101's ability to elicit more potent in vitro killing of B-cells from healthy donors and SLE patients
as compared to primary CAR-T cells, as well as the encouraging initial safety, efficacy, and translational data from Century's
Phase 1 ELiPSE-1 trial in relapsed/refractory (R/R) non-Hodgkin lymphoma (NHL).
to evaluate CNTY-101 in moderate to severe SLE in the Phase 1 CALiPSO-1 trial (NCT06255028), the first autoimmune
disease indication for its platform. CALiPSO-1 will assess CNTY-101 in patients who have been exposed to two or more standard immunosuppressive
therapies. The trial is on track to be initiated in the first half of 2024 with preliminary data expected by the end of 2024. Additional
regulatory filings in other prioritized autoimmune disease indications are expected in the second half of 2024.
Century entered into a securities purchase agreement with a select
group of institutional investors and accredited investors for an approximately $60 million private placement of its common stock. The
private placement is being led by new investors including Bain Capital Life Sciences, Adage Capital Partners LP, Octagon Capital, and
Superstring Capital, and existing investors including Casdin Capital, Boxer Capital, Venrock Healthcare Capital Partners, and DAFNA Capital
Management, LLC. The private placement is expected to close on April 15, 2024, subject to customary closing conditions.
Century will issue approximately 15,873,011 shares of common stock
in the private placement. The shares are being sold at a price of $3.78, which is equal to the closing price of Century's common
stock on the Nasdaq Global Select Market on April 10, 2024. Century intends to use the net proceeds from the private placement to
support the expansion of CNTY-101 in autoimmune indications and for working capital and general corporate purposes. Century continues
to estimate that its cash, cash equivalents, and investments will support operations into 2026.
The shares of common stock were offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (Securities Act), and have not been registered under the Securities
Act, or applicable state securities laws. Accordingly, the shares may not be offered or sold in the United States except pursuant to
an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable
state securities laws. Century has agreed to file a registration Statement with the Securities and Exchange Commission registering the
resale of the shares of common stock issued in the private placement.
The private placement is being conducted in accordance with applicable
Nasdaq rules and was priced to satisfy the "Minimum Price" requirement (as defined in the Nasdaq rules).
BofA Securities acted as the sole placement agent for the private
placement made to institutional investors.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy the shares offered in the private placement, nor shall there be any sale of such shares in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Clade Therapeutics Acquisition
of Clade strengthens Century's position as a leader in allogeneic, iPSC-derived cell therapy through the enhancement of its next
generation platform - including novel technology enhancing Century's efforts on Allo-EvasionTM - and a newly
expanded pipeline incorporating three additional preclinical-stage programs from Clade's ab
iT platform spanning across cancer and autoimmune diseases. With favorable terms and synergies between these respective platforms,
Century is well-positioned to drive further value in the cell therapy space in the near and long term.
the leadership of a pioneering team of scientists and senior leaders with decades of experience in stem cell biology and iPSC differentiation
enabled by significant capital investment from their investors, Clade has established a discovery engine with industry-changing potential,"
said Hy Levitsky, M.D., President of R&D of Century. "These efforts have delivered a process capable of exquisitely controlling
iPSC differentiation toward definitive hematopoiesis and the generation of adaptive ab
CD4+ and CD8+ T cells for the treatment of cancer and autoimmune diseases. This landmark achievement has been widely
sought after in the field, replicating the events occurring during T cell development in the thymus to overcome key functional limitations
of earlier generation cell therapies and unlock this modality's seemingly limitless potential. Clade's impressive achievements
also include the creation of three lead therapeutic candidates, which will further enhance Century's pipeline. Together with Century's
iPSC derived gd T cells and NK cells, these platform advances provide industry-leading capabilities
relevant across a range of applications."
newly expanded and diversified pipeline incorporates additional next-generation iNK and iT programs spanning targets in cancer, and autoimmune
diseases. These programs include CLDE-308, an ab iT cell program targeting CD19 in autoimmune
disease and B-cell malignancies, CLDE-361, an ab iT cell program targeting BCMA in myasthenia
gravis, and an undisclosed iT cell focused research program in solid tumors.
The aggregate purchase price of the Clade acquisition is approximately
$35 million in upfront consideration, comprising of a mix of cash and shares of Century common stock, with the shares of common stock
issued based on a price per share representing a 16.7% premium to Century's closing price on April 10, 2024. The merger is
subject to customary closing conditions. An additional one-time milestone payment in an amount of $10 million, payable in cash, shares
of Century's common stock or a combination thereof (at Century's discretion), will be due upon the achievement of a future
Goodwin Procter LLP is acting as legal counsel and Lazard acted as
financial advisor to Century. Cooley, LLP is acting as legal counsel to Clade Therapeutics.
About Century Therapeutics
Century Therapeutics
(NASDAQ: IPSC) is harnessing the power of adult stem cells to develop curative cell therapy products for cancer and autoimmune and inflammatory
diseases that we believe will allow us to overcome the limitations of first-generation cell therapies. Our genetically engineered, iPSC-derived
cell product candidates are designed to specifically target hematologic and solid tumor cancers, with a broadening application to autoimmune
and inflammatory diseases. We are leveraging our expertise in cellular reprogramming, genetic engineering, and manufacturing to develop
therapies with the potential to overcome many of the challenges inherent to cell therapy and provide a significant advantage over existing