Arrowhead Research Corp. said Tuesday that it has decided to spin off its majority-owned subsidiary Unidym Inc. into a company that will focus on developing medical treatments.
The spinoff will be called Ensysce Biosciences Inc. and will research the medical uses for carbon nanotubes, which are molecular tubes of carbon with a range of electrical properties. The technology is being viewed as a possible drug-delivery system. The new company also will fund research at Stanford University that focuses on delivering chemotherapy drugs.
Shares in Pasadena-based nanotechnology firm Arrowhead were up 7 percent to $2.47 in early trading Tuesday.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Arrowhead Sells Unidym for $5 Million
- Arrowhead Increases Stake in Nanotube Company
- Arrowhead Merges Nanotube Firms
- Arrowhead Raises $8.65 Million in Offering
- Arrowhead Buys Nanotech Firm
- Update: Arrowhead Subsidiary Sells IP Portfolio
- CytRx Spins Off Subsidiary
- CytRx Creates Subsidiary for Gene-Silencing Technology