Brooklyn ImmunoTherapeutics, Inc. (BTX) stock prices were up a monumental 57.63% as of market close on May 3rd, 2021, bringing the price per share up to USD$78.50 at the end of the trading day. Subsequent pre-market fluctuations have seen the price drop by 17.22%, bringing it down to USD$64.98.
Reverse Merger with NTN Buzztime
BTX announced on March 26th, 2021 that it had completed a reverse merger with NTN Buzztime, Inc. As a part of its option agreement with Factor Bioscience/Novellus, the company has also been exploring opportunities in gene editing/cell therapy, with a pronounced allocation of resources towards the advancement of its cytokine-Based cancer treatments. Following the reverse merger, Brooklyn ImmunoTherapeutics, Inc. has been trading on the NYSE American Exchange under the BTX ticker symbol.
Commercialization of IRX-2
After successful reviews of IRX-2 by the U.S. Drug and Food Administration (FDA), the drug candidate has been granted both fast track and orphan drug designations. Topline results from the Phase 2b clinical trial of IRX-2 are expected by the third quarter of the fiscal year 2022. IRX-2 is also being studied as a single agent and in conjunction with various cancer treatments, including checkpoint inhibitors, in clinical trial in multiple oncology indications.
Merger Agreement Details
The merger agreement saw Brooklyn ImmunoTherapeutics LLC become a wholly-owned subsidiary of NTN Buzztime and, resultingly, changed its name to ImmunoTherapeutics, Inc. As of the merger closing, shareholders of ImmunoTherapeutics LLC stock collectively owned 96.25% of the outstanding stock of common shares. The remaining 3.75% was accounted for by shareholders of NTN Buzztime from before the merger. Furthermore, there were 41.5 million post-reverse split shares of BTXs common stock following the closing of the merger.
Acquisition of Exclusive License
BTX announced the acquisition of an exclusive license for Factor Bioscience and Novellus Therapeutics’ mRNA gene editing and cell therapy technology on April 29th 2021. This move grants BTX the hitherto heavily patented usage of the process to develop gene-editing compounds, Preclinical data indicates excellent efficiency of the process, as well as its being non-immunogenic and non-mutagenic.
Scope of Exclusive License
Following the license acquisition, BTX has found itself on the cusp of becoming a frontrunner in the race towards gene editing cell therapies. Given its high efficiency and a manufacturing cost much lower than that of competitors, the mRNA gene-editing technology has the potential to be highly disruptive for the market and lucrative for BTX. BTX hopes to build and expand upon the foundation laid by Factor Bioscience and Novellus with their platform, with advancements of their product portfolio towards commercialization.
Future Outlook for BTX
Since the securing of the exclusive market space in the cutting-edge gene-editing sector granted by the new licensing deal, BTX is poised to leverage its resources to continue its upward trajectory of growth. Investors will be pleased with BTX stock price performance since the disclosure of the agreement, and hopeful that the company will manage to sustain such significant increases in shareholder value over the long term.