CLEVELAND, March 19, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC PINK: IVST) announces it has signed a Letter of Intent to acquire a 20% stake in StemVax LLC. StemVax is a Translational Biotechnology Company that is currently developing a cancer vaccine therapy that enhances the patient’s immune response against brain tumors.
StemVax Glioblast (SVX-GB) is a cancer vaccine, which is a medication that stimulates or restores the immune system’s ability to fight an existing cancer by strengthening the body’s natural defenses against the cancer cells.
Dr. Dwain Morris-Irvin, Chief Executive of Innovest’s new Biotechnology & Health Sciences Division, founded StemVax in 2014, and is its CEO. “Innovest is uniquely equipped to provide immeasurably important elements to StemVax that kick things off for StemVax and dramatically improve its potential for success. This is true for other technologies we will encounter, as well. The best way I can show future scientists how Innovest can serve their mission, is to lead by example with my own company,” said Dr. Morris-Irvin. “Dan Martin (Innovest Global CEO) and I have been planning the business model for this division since 2017. It’s unique, and will serve both technologists and Innovest well.”
“Dwain is a brilliant scientist, with a keen understanding of business, and I am extremely impressed with his ability to connect the dots. Scientists face difficult and unique challenges when considering how to proliferate their technologies in a commercial environment. Our Biotechnology & Health Sciences division, under Dwain’s leadership, is the perfect bridge,” said Dan Martin, CEO of Innovest Global.
The StemVax and Innovest teams are working diligently to finalize the StemVax transaction, and the division launch. The agreement features a share exchange, a 5-figure investment at closing by Innovest, and Innovest providing certain business services to StemVax Therapeutics, in exchange for 20% ownership in StemVax LLC (its holding company). The Letter of Intent will be finalized as a completed transaction, upon StemVax completing certain items that are currently being executed. The transaction is expected to close in spring, 2018.
More about Dr. Morris-Irvin:
Dr. Morris-Irvin’s PhD is in Pharmacology and Developmental Neuroscience with an emphasis on neural stem cell fate and differentiation. His research focused on neural development and Notch Signaling in mammalian neural stem cells. He also worked as an NIH/NINDS Post-Doctoral Fellow in Dr. Anders Bjorklund laboratory in Lund, Sweden. There, his focus was on research projects that investigated the potential role of cell replacement therapy for patients with Parkinson’s disease. They developed several protocols for the efficient generation of dopaminergic neurons from forebrain and ventral midbrain stem and progenitor cells.
Additionally, Dr. Morris-Irvin led research investigations in the role of adaptive immunity in Parkinson’s disease. He also developed two patents in the area of immunotherapy for brain tumor patients, specifically Glioblastoma Multiforme (GBM). His research team focused on molecular mechanisms that impart therapeutic resistance in cancer cells, including cancer stem cells. They utilized this data to develop novel immunotherapies for brain tumor patients.
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Source:Innovest Global, Inc