VCN's oncolytic adenovirus (OV) is designed for systemic intravenous administration to target primary and metastatic tumors. Once inside the tumor, VCN's OVs are designed to replicate selectively and aggressively and to produce hyaluronidase, an enzyme that digests hyaluronan, a key component of the dense tumor stroma that often plays a crucial role in tumor progression. Results from previously completed clinical trials demonstrate that this process can occur for weeks or months following a single intravenous injection with a VCN OV, the companies said.

Combination treatment of VCN OVs with a variety of chemotherapies and immunotherapies such as checkpoint inhibitors and CAR T cells are in early clinical testing or planned testing. CN-01 has been evaluated in four phase I clinical trials to date, including in patients with pancreatic cancer, head and neck squamous cell carcinoma, and retinoblastoma.

Synthetic Biologics is a diversified clinical-stage company developing therapeutics designed to treat diseases in areas of high unmet need.

As part of the agreement, VCN will receive shares of Synthetic Biologics' common stock representing 19.99% of the total shares outstanding of the company's common stock. Synthetic Biologics has also agreed to an additional $70.3 million that is contingent on the achievement of future milestones.