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What Happened to MultiCell Technologies, Inc. (OTCMKTS:MCET)

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MultiCell Technologies, Inc. (OTCMKTS:MCET) recently made a big move up after the Company announced a research & development and product license agreement with Oxis Biotech to create three novel antibody-drug conjugates (ADCs) containing OXIS’ lead drug candidates using MCIT’s proprietary ADC platform technology. Since then MCET has dropped back down near its $0.0002 lows.

MCET is a clinical-stage biopharmaceutical company developing novel therapeutics and discovery tools for the treatment of neurological disorders, hepatic disease and cancer.

MultiCell Technologies, Inc. (OTCMKTS:MCET) majority owned subsidiary is MultiCell Immunotherapeutics, a biotechnology company developing novel therapeutics and drug delivery platform technologies to treat a variety of human diseases.

MCIT’s next-generation antibody drug conjugates provide for the simultaneous targeted delivery of multiple drugs from a single antibody. This unique, targeted co-delivery capability enables the localization of both drugs within a target cell where they exert their biological effect and helps to minimize adverse off-target effects.

MCET drug candidate, MCT-125, is an oral small molecule drug combination which targets the noradrenaline-adrenaline neurotransmitter pathway for the treatment of primary multiple sclerosis-related fatigue (PMSF). Primary multiple sclerosis-related fatigue (PMSF) affects over 70% of all persons with multiple sclerosis (MS). MCT-125 has demonstrated efficacy in a 138 patient Phase 2a clinical trial for the treatment of PMSF.

While significant progress has been made in developing cancer therapies that result in tumor regression, the control of cancer over a longer interval and especially of metastatic disease, remains a key goal. MultiCell is also developing novel therapeutics for the treatment of cancer. MCT-465, MCT-475 and MCT-485 are the first of a family of prospective cancer therapeutics based on the use of our patented therapeutic antibody and synthetic dsRNA technologies.

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On March 12 MCET said it has signed a research & development and product license agreement with Oxis Biotech, Inc. (OXIS) to create three novel antibody-drug conjugates (ADCs) containing OXIS’ lead drug candidates using MCIT’s proprietary ADC platform technology. These ADC product candidates are to be used by OXIS for the treatment of triple-negative breast cancer, and multiple myeloma and associated osteolytic lesions which are significant unmet medical needs.

Under the terms of the agreement, OXIS paid MCIT a license fee of $500,000, and will reimburse MCIT up to $1.125 million in development costs for the three ADC product candidates. Oxis will also pay up to $12.75 million in clinical development milestones, and was granted an option to purchase manufacturing rights to the three ADCs upon payment of an additional $10 million.

OXIS was also granted a worldwide exclusive license to sell the three ADC product candidates, and will pay a royalty of 3% of net yearly sales. MCIT retained all rights to its ADC platform for all therapeutic indications, and is free to pursue its own drug development programs and to partner with other interested pharmaceutical and biotechnology companies.

CEO of MCET Gerald Newmin said “We are very excited about our novel, enabling antibody-drug conjugate technology, and are pleased to partner with Oxis Biotech to develop targeted delivery versions of their drug candidates”, We continue to explore therapeutic indications and drug combinations of interest to us, and will continue to aggressively seek partnerships with larger pharmaceutical and biotechnology companies who are interested in using our ADC technology to help facilitate the targeted delivery of their drugs,” stated Mr. Newmin.

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MCET is back to its lows after it recently popped in price and volume after many months of sitting illiquid at $0.0002 after the Company announced a research & development and product license agreement with Oxis Biotech to create three novel antibody-drug conjugates. We will be updating on MCET when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MCET.

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Disclosure: we hold no position in MCET either long or short and we have not been compensated for this article.

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