SalvaRx Group said subsidiary SalvaRx Ltd has entered into an agreement to invest an initial $1m in Rift Biotherapeutics Inc, a private, Delaware-domiciled biotech focused on developing antibodies for use in oncology.
Under the terms of the agreement, SalvaRx would invest $1m for an initial holding of about 30%.
Subject to Rift achieving certain development milestones with this initial funding, SalvaRx had the option to invest up to an additional $1.5m at the same valuation and to acquire all outstanding shares of Rift in exchange for new shares in SalvaRx on the same basis.
The initial investment has been funded from existing cash resources.
Rift was an early stage research and development company that was founded to discover and develop first-in-class antibodies implicated in the inflammatory tumour and tumour infiltrating immune cells microenvironment.