Duke University spin-out Cereius is sold to California-based Solve Therapeutics

DURHAM – Cereius, a startup utilizing technology developed at Duke University focusing on radiodiagnostics and radiotherapeutics for use in cancer patients, has been sold.

San Diego-based Solve Therapeutics and Cereius announced the deal early Thursday.

Financial terms were not disclosed.

However, the companies said Cereius shareholders will receive an “undisclosed upfront payment” and could receive “additional development, regulatory, and commercial milestone payments” plus royalties on sales from successfully commercialized products.

Solve Therapeutics also focuses on oncology.

Professor Michael Zalutsky and Dr. Kimberly Lynn Blackwell developed the key technology of the spin-out which was  later advanced by Cerius.

Cereius is developing research facilities located at the recently completed Biolabs NC Gradlab building in downtown Durham.

“Through the pioneering work of Duke University researchers and our early investment in the company, Cereius has built a conjugation chemistry platform that can be deployed with site-specific labeling,” said Eric Linsley, a General Partner at Mission BioCapital and board member of Cereius. “But this is just one possible application of the developed modular chemistry platform; swapping out the various components of the assembly allows for targeting of multiple types of cancers and delivering radionuclide diagnostics or therapeutics. This acquisition complements Duke University and Cereius innovations with extensive SolveTx drug development expertise.”

Cereius has raised more than $7 million in capital, according to Crunchbase.

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