GlobeImmune sells majority of stock to California health company

LOUISVILLE — Beleaguered biotech company GlobeImmune Inc. entered into a definitive purchase agreement for a majority stock sale of nearly 13 million shares of its common stock to NantCell Inc.
California-based NantCell Inc. is a wholly owned subsidiary of NantWorks, and is an immuno-oncology company. NantCell is paying GlobeImmune $100,000 in cash for the stock, as well as 200,000 shares — or $2 million worth — of NantCell’s common stock.
“GlobeImmune has continued to impact the oncology industry by putting innovative drug candidates forward to treat cancer and infectious diseases,” Patrick Soon-Shiong, founder of NantCel, said in a prepared statement. “In our mission to win the war against cancer, our team welcomes opportunities to engage with companies who are revolutionizing cancer care and treatments. We are looking forward to leveraging the expertise of GlobeImmune.”
Timothy Rodell, chairman of GlobeImmune and former CEO, said the strategic agreement with NantCell would be a good fit for both companies.
“We believe that, with NantCell’s resources, this combination could leverage GlobeImmune’s Tarmogen technology platform to accelerate development of our programs in oncology and infectious disease,” he said.
GlobeImmune did not return a request for comment.
In the last year, GlobeImmune has been in the news for its struggles. In November, then-CEO Rodell and key board members resigned, and the company terminated its lease on its 40,000-square-foot headquarters. Over the summer, the company was delisted from the Nasdaq stock exchange.
The company has several products for oncology and infectious disease in its pipeline, many of which are in Phase 2 testing. Its Tarmogen platform aims to activate the immune system by stimulating cellular immunity.
GlobeImmune trades in over the counter markets. Its stock was at 38 cents per share at time of publication.