OPKO Health, Inc. (NYSE Amex: OPK) announced that it has made an investment in Fabrus, LLC, a privately held early stage biotechnology company with next generation therapeutic antibody drug discovery and development capabilities. In exchange for the Company's investment, the Company acquired approximately 13% of Fabrus' outstanding membership interests on a fully diluted basis.
“Drs. Frost and Hsiao will bring significant depth in the pharmaceutical industry to the Fabrus team.”
"Fabrus is using its proprietary antibody screening and engineering approach to discover promising lead compounds against several important oncology targets," said Phillip Frost, M.D., OPKO's Chairman and Chief Executive Officer. "We believe the Fabrus discovery approach is novel, rapid, provides valuable data at very early discovery stages, and can screen multiple targets or pathways in parallel. We are pleased to secure a stake in this cutting edge company, and we look forward to rapidly developing important drug candidates."
The Company's investment was part of a $2 million financing for Fabrus. Other investors participating in the financing include Frost Gamma Investments Trust, of which Phillip Frost is the sole trustee, and Hsu Gamma Investment, L.P., of which Jane Hsiao, the Company's Vice Chairman and Chief Technical Officer, serves as the general partner. In connection with the financing, Drs. Frost and Hsiao will join the Fabrus Board of Managers.
"We are pleased to have OPKO as a major shareholder in Fabrus," said Dr. Vaughn Smider, founder of Fabrus. "Drs. Frost and Hsiao will bring significant depth in the pharmaceutical industry to the Fabrus team."
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