Eleven Biotherapeutics acquires Viventia Bio and with it Vicinium and Proxinium.

Eleven Biotherapeutics, Inc. and Viventia Bio Inc., announced that the two companies and the shareholders of Viventia entered into a definitive share purchase agreement under which Eleven Biotherapeutics agreed to, and simultaneously completed, the acquisition of Viventia. Under the agreement, Eleven purchased all of the outstanding capital stock of Viventia in exchange for the issuance of 4,013,431 newly issued shares of Eleven common stock, which represented approximately 19.9% of the voting power of Eleven as of immediately prior to the issuance of such shares, and the agreement by Eleven to pay to the selling shareholders certain post-closing contingent cash payments upon the achievement of specified milestones and based upon net sales related to Viventia's lead product candidate, Vicinium. The acquisition creates a NASDAQ-listed company focused on the development of novel therapies based upon antibody fragments genetically fused to cytotoxic proteins, or targeted protein therapeutics (TPTs), as new treatments in areas of oncology with significant unmet need. The combined company will continue to be named Eleven Biotherapeutics. Eleven's pipeline now includes Viventia's lead product candidates Vicinium and Proxinium. Vicinium is in a Phase III clinical trial for high grade non-muscle invasive bladder cancer , with topline data expected in the first half of 2018. To date, Vicinium has been evaluated in more than 100 patients. In a Phase II clinical trial, Vicinium demonstrated a complete response rate of 40% at three months with no drug-related serious adverse events observed in the trial. Proxinium is expected to enter Phase II development in early 2017 for the treatment of late-stage squamous cell carcinoma of the head and neck.