Ublituximab is a third generation chimeric monoclonal antibody targeting an epitope on the CD20 antigen found on B lymphocytes.
TG has announced the closing of a capital raise, resulting in gross proceeds of approximately $25m, which will be used to fund the continued development of Ublituximab and general corporate purposes.
With the license and financing, TG, became a majority-owned subsidiary of Manhattan Pharmaceuticals, which intends to change its name to TG Therapeutics.
TG executive chairman, interim CEO and president Michael Weiss said the company has closed the financing and completed the licensing agreement with LFB Biotechnologies for Ublituximab.
"Ublituximab has displayed high single agent response rates in a Phase 1/2 clinical trial in patients with relapsed Chronic Lymphocytic Leukemia," Weiss added.