Under the collaboration, Rockland will provide and manage Formula’s specially hired preclinical research team. Further, Rockland will provide the classified research facilities for Formula’s preclinical development needs in its newly established, scalable 60,000 sq ft R&D facility.
Formula’s immunotherapy product pipeline is built upon a proprietary, non-viral, allogeneic C.I.K. CAR technology platform, which seeks to overcome practical and therapeutic limitations related to existing CAR-T approaches that include viral transfection, autologous blood and T cells.
Formula’s C.I.K. CAR technology leverages T cell and Natural Killer cell functionality within one effector cell population sourced from healthy donor peripheral or cord blood, which the Company is developing as an off-the-shelf CAR immunotherapy for hematologic and solid tumor indications.
Formula president and CEO Maurits Geerlings said: "This collaboration is important and valuable to the development of these high potential cancer therapies.
"Rockland’s excellent R&D facilities and specialized research staff provide the most cost-effective and efficient way for developing and growing our product pipeline. Rockland can provide additional research support on an as-needed basis. We couldn’t have found a better approach for getting our preclinical R&D activities up and running within a very short period of time."
Rockland Immunochemicals president & CEO Jim Fendrick said: "Rockland is excited that Formula Therapeutics chooses to rely on and to trust in our expertise in immunology, cell culture and molecular biology to conduct the research integral to the development of its cutting-edge immunotherapies."
Dr. Geerlings added, "This collaboration further confirms the commitment of both companies to job growth and retention in the Greater Philadelphia region. We believe we can find the very best talent from industry and academia in this area."
"The Formula-Rockland collaboration is an example of what makes Pennsylvania’s life sciences community the world’s best," said Christopher Molineaux, president and CEO of Pennsylvania Bio.
"It’s a partnership in the efficient deployment of expertise, regardless of where it resides, to advance the next generation of cancer therapies. We are proud these two companies call Pennsylvania home, for their innovative spirit and for their focus on the end beneficiary: patients," Molineaux said.
"The Rockland-Formula relationship highlights the Eds and Meds corridor that has developed in Southeastern Pennsylvania and Southern New Jersey and has great roots here in our communities," Pennsylvania State Representative Warren Kampf said.
"Our region is creating high paying, knowledge based jobs to compete on the Global stage. This is a positive sign for Pennsylvania and contains great possibilities."