Fortress Biotech Forms New Subsidiary

Fortress Biotech has formed a new subsidiary company, Caelum Biosciences, to advance the development of CAEL-101 (11-1F4) for the treatment of amyloid light chain (AL) amyloidosis. Caelum has entered into an agreement with Columbia University to secure exclusive worldwide license rights to CAEL-101, a chimeric fibril-reactive monoclonal antibody (mAb) currently being evaluated in a Phase 1a/1b study. In addition, Fortress announced the appointment of Michael Spector as Caelum’s chief executive officer.

AL amyloidosis is a rare systemic disorder caused by an abnormality of plasma cells in the bone marrow. Misfolded amyloid proteins produced by plasma cells cause buildup in and around tissues, nerves and organs, gradually affecting their function. This can cause progressive and widespread organ damage, and high mortality rates.

"We are thrilled to enter this collaboration with Columbia to advance the development of CAEL-101," said Lindsay Rosenwald, chairman, president and chief executive officer, Fortress Biotech. "The launch of Caelum, Fortress Biotech’s eighth subsidiary, underscores our mission of developing a broad pipeline of novel products across areas of unmet need."