Tiziana Life Sciences plc (TLSA) has shared plan of spinning off its StemPrintER asset. The company this month announced to demerge those assets into a separate and independently listed public company, Accustem Sciences Limited.
Tiziana is a clinical stage biotechnology company which develops targeted drugs for the treatment of patients living with inflammatory diseases, COVID-19 and cancers. The company also focuses on innovative therapeutics for oncology, infectious and inflammation disease.
StemPrintER is an advanced genomic signature-based assay related to ER+/HER2 breast cancer. It diagnoses early and late recurrence of such breast cancer in patients with breast cancer at the early stages. In a comparative study, accuracy of StemPrintER was found 40% efficient than that of the Oncotype DX assay. Last year at American Society for Clinical Oncology (ASCO), Tiziana presented two posters showing StemPrintER surpassing OncoType DX in a 10-year risk prediction. The results were based on the study of more than 800 breast cancer patients. Exact Sciences particularly acquired the Oncotype DX assay from developer Genomic Health for an amount of $2.8 billion.
Tiziana has scheduled October 2, 2020 for a shareholders meeting to vote on demerging plans. The company is also intending providing $1.3 million in cash to the new entity as part of the planned demerger.
The new entity is likely to be listed on London Stock Exchange (LSE) before end of this year with a possibility of dual listing on NASDAQ next year. To execute the demerger of Accustem Sciences, Tiziana is intending distributing a 1:1 share dividend to its shareholders. The distribution of share dividend is to be recorded on October 30, 2020.
Accustem Sciences is expecting November 2020 to start the process of seeking CE Mark approval necessary for all new products which are subject to one or more of the European product safety Directives. The new company has been anticipating commercialization in Europe in Q2 2021. Afterwards, the new company is in plans of seeking FDA approval for commercialization of its products in the United States.