Rakuten Medical, Inc. Acquires Key Assets and Manufacturing Technology from LI-COR Biosciences

Press Release from Rakuten Medical and LI-COR Biosciences, a member of Bio Nebraska.

SAN MATEO, Calif., Jan. 11, 2021 —Rakuten Medical, Inc. (Rakuten Medical) today announced the acquisition of phthalocyanine dyes, including IRDye® 700DX, from LI-COR Biosciences. IRDye 700DX is a key component of the mechanism of action for products being developed by Rakuten Medical, and is currently being studied in ASP-1929 clinical trials across multiple oncology indications. This strategic acquisition ensures a consistent and flexible supply chain to further advance development and commercialization of therapies on the Illuminox™ platform, such as ASP-1929 and other photoimmunotherapy products.

“This important business transaction reaffirms our commitment at Rakuten Medical to advance our core, Illuminox, platform for treatment of cancer – and will ensure the consistent reliable supply of IRDye 700DX,” said Hiroshi Mikitani, Chairman and CEO of Rakuten Medical.  “This acquisition reinforces our confidence, adds additional flexibility to our supply chain, and will enable us to further improve our product development on the Illuminox platform.”

Greg Biggs, CEO, LI-COR Biosciences noted, “This agreement with Rakuten Medical supports our current long-standing supply agreement and is a forward-looking strategic and operational win for both companies. We are pleased that the innovative technology we developed will potentially produce meaningful benefit to the medical community, patients, and families battling cancer.”