AlphaTON Capital has executed a binding call option agreement granting Immunova, LLC the right to acquire iOx Therapeutics Limited. Upon exercise, AlphaTON would receive an upfront cash payment, 10% equity in the acquiring entity, milestone payments potentially exceeding $100 million and single-digit royalties on future net sales.

iOx’s lead candidate PORT-2 (IMM60) has been evaluated in Phase 1/2 trials for advanced melanoma and metastatic NSCLC in the U.S. and U.K., showing biomarker evidence of immune activation and preliminary tumor shrinkage in heavily pre-treated PD-1 refractory patients. The program originated at the University of Oxford with pembrolizumab provided under a Merck collaboration.

The transaction unlocks immediate and long-term value for AlphaTON while retaining upside through equity, milestones and royalties. Exercise is contingent on Immunova securing financing and customary closing conditions. AlphaTON will continue advancing its mesothelioma candidate TT-4 and its Telegram-oriented AI-driven biotech initiative targeting rare cancers.