ITUS Corp (NASDAQ: ITUS) rose in Tuesday trading after the company disclosed that it has executed an exclusive worldwide license agreement with The Wistar Institute for a CAR T-Cell technology.
The San Jose-based ITUS issued a release early Tuesday morning saying the technology is aimed initially at treating ovarian cancer, and eventually additional solid tumors.
ITUS says it has formed a subsidiary, Certainty Therapeutics, Inc., to develop and commercialize the innovative CAR-T technology. The Wistar Institute is a founding member of Certainty Therapeutics along with majority owner ITUS.
ITUS CEO Amit Kumar says,"We are very pleased to have entered into this new relationship with The Wistar Institute, and we are excited to grow our business into the CAR-T therapeutics space. This license is a transformative event for an emerging company like ITUS, enabling us to work in a space that is the focus of tremendous scientific and investor interest.
"With our knowledge and expertise of immune system function, an expansion into immuno-therapy is a very natural progression for the company, and we believe one that is highly complementary with our Cchek™ cancer detection platform."
The CAR-T technology, exclusively licensed to Certainty, is initially focused on ovarian cancer, with potential future applications in Prostate, Pancreatic and other cancers as well. The engineered T-cells will use the Follicle Stimulating Hormone (FSH) to target ovarian cells that express the FSH-Receptor.
The news sent the stock skyward as morning became afternoon on Tuesday, gaining 26 cents, or 10.4%, to $2.79, within a 52-week trading range of 60 cents to $6.25.
