Scinai Immunotherapeutics into binding option agreement to acquire Pincell srl
Scinai Immunotherapeutics enters into a binding option agreement to acquire Pincell srl, focusing on PC111, a monoclonal antibody therapeutic for the treatment of severe skin diseases. An application for a €12 million grant is filed, with a decision expected in mid-July/early August 2025.
Acquisition of Innovative Monoclonal Antibody
Scinai Immunotherapeutics (Nasdaq: SCNI) inked a binding option agreement to purchase Italian biotech company Pincell srl, taking an interest in PC111, a monoclonal antibody in development for severe dermatological conditions like Pemphigus, Stevens-Johnson Syndrome (SJS), and Toxic Epidermal Necrolysis (TEN). PC111 has received Orphan Drug Designation for Pemphigus from the European Medicines Agency, with Scinai planning to file for FDA Orphan Drug and Breakthrough Designation for Pemphigus and SJS/TEN.
Scinai Immunotherapeutics' purchase of Pincell srl is a strategic addition to its pipeline of PC111, a very promising monoclonal antibody for serious dermatological conditions. Its Orphan Drug Designation for Pemphigus and future FDA submissions of Orphan Drug and Breakthrough Designation in Pemphigus and SJS/TEN indicate the possibility of accelerated approval due to the critical unmet medical needs and new, non-immunosuppressive mechanism of action of PC111.
Grant Application for Non-Dilutive Funding
The Scinai subsidiary in Poland has submitted a grant application for €12 million from the European Funds for a Modern Economy (FENG) program to fund PC111's further development. The grant decision is expected between mid-July and early August 2025. The non-dilutive funding, if secured, would cover a significant portion of the project budget, with only €3 million being contributed by Scinai.
The non-dilutive €12 million grant application under FENG program in Poland is a highly desirable source of funding. The award, if successful, will cover most of the development costs, and Scinai will only invest €3 million. The financing option is preferable since it limits financial exposure and funds the further development stage of PC111.
Strategic Synergies and Future Prospects
Amir Reichman, CEO of Scinai, stated, "We are very pleased to have acquired Pincell and to develop PC111, a novel non-immunosuppressive therapy for incapacitating skin diseases." Dr. Antonino Amato, Chairman and CEO of Pincell, stated, "Through the alliance with Scinai, a leader in R&D and biologics development, we will accelerate PC111's development." The acquisition is part of Scinai's inflammation and immunology strategy, and Pincell management will join Scinai's Polish subsidiary, with Prof. Carlo Pincelli joining the Scientific Advisory Board.
The inclusion of Pincell's management team within Scinai's Polish subsidiary and Prof. Carlo Pincelli in the Scientific Advisory Board enhance Scinai's competencies and expertise. The global experience and complementary expertise of Pincell's team will be extremely beneficial in the development of PC111 and potentially additional therapeutic drugs acting via the FasL/Fas receptor pathway. The acquisition aligns with Scinai's strategic focus in inflammation and immunology, positioning the company well to address significant unmet medical needs and improve patient outcomes.
