BioInvent and ThromboGenics Amending Long-Standing Monoclonal Antibody Development Agreement. The revisions to the existing agreement have been aligned with each company's strategic ambitions and therapeutic focus.
PRESS RELEASE 10 July 2017
Lund, Sweden and Leuven, Belgium - 10 July 2017 - BioInvent International AB ("BioInvent") (OMXS: BINV) and ThromboGenics NV (Euronext Brussels: THR) today announce that they have agreed to amend their long-standing agreement, which covers the co-development of the novel anti-PlGF monoclonal antibody products TB-403 and THR-317. The revisions to the existing agreement have been aligned with each company's strategic ambitions and therapeutic focus.
The novel anti-PIGF monoclonal antibody is currently being developed as:
* TB-403, which is being evaluated in a Phase I/IIa trial as a treatment of relapsed or refractory medulloblastoma, a rare, life-threatening brain tumor that mainly affects children. TB-403 is being developed by Oncurious (a ThromboGenics' oncology subsidiary), in collaboration with BioInvent. * THR-317, which is being evaluated in a phase II trial in patients with diabetic macular edema (DME). This trial is being conducted by ThromboGenics exclusively.
Under the current agreement, the split of economic value for the compounds is 60:40 (ThromboGenics: BioInvent), with a 50:50 cost split for historical and future development costs.
Under the new agreed contractual arrangement, the spilt of economic value and costs will be as follows:
* TB-403 - BioInvent assumes the project lead for developments of TB-403 in all oncology indications, and increases its share of the economic value from 40 to 50 percent. The parties will continue to share the costs for development of TB-403 in oncology indications at 50:50. * THR-317 - ThromboGenics gains full and exclusive ownership of THR-317 for development and commercialization in all non-oncology indications. ThromboGenics will continue to carry all costs for the development of THR- 317 in non-oncology indications, and share a 5% economic value with BioInvent.
ThromboGenics and BioInvent have entered into a binding term sheet covering the above arrangement for TB-403 and THR-317, and will be executing the definitive amended agreements by Q3 2017.
For further information, please contact:
BioInvent international ThromboGenics Michael Oredsson Wouter Piepers President and CEO Global Head Corp Coms & Investor Tel: 46 (0)46 286 85 67 / 46 (0)707 Relations 16 89 30 32 16 75 13 10 / 32 478 33 56 32 email@example.com firstname.lastname@example.org
BioInvent International AB (publ) Co. Reg. No. 556537-7263 Visiting address: Sölvegatan 41 Mailing address: 223 70 LUND Phone: 46 (0)46 286 85 50 email@example.com www.bioinvent.com
Notes to editors:
About BioInvent BioInvent International AB (OMXS: BINV) is focused on the discovery and development of novel and first-in-class immuno-regulatory antibodies to treat cancer. The Company's clinical programmes are BI- 1206, currently in a Phase I/II for non-Hodgkin's lymphoma and chronic lymphatic leukaemia and TB- 403, in cooperation with Oncurious, currently in Phase I/II for medulloblastoma. BioInvent has an exciting pre-clinical portfolio based on novel immuno- modulatory antibodies that target regulatory T cells (T-regs) and tumour- associated myeloid cells. In December 2016, the Company signed a strategic research collaboration with Pfizer Inc. BioInvent also works with leading academic institutions including the University of Southampton, Cancer Research UK, and Penn Medicine. BioInvent generates revenues from global partnerships, including Bayer Pharma, Daiichi Sankyo, and Mitsubishi Tanabe Pharma and from its manufacturing facility for the production of antibodies for research through to late- stage clinical trials. More information is available at www.bioinvent.se
About ThromboGenics ThromboGenics is a biopharmaceutical company focused on developing innovative treatments for diabetic eye disease. The company's pipeline of disease modifying drug candidates is targeting the key segments of the diabetic eye disease market.
ThromboGenics is conducting the CIRCLE study, a Phase II clinical trial evaluating multiple doses of THR-409 (ocriplasmin) to induce a total Posterior Vitreous Detachment in patients with Non-Proliferative Diabetic Retinopathy (NPDR).
THR-317, a PIGF inhibitor being developed to treat diabetic macular edema, or as a combination therapy with anti-VEGF treatments, enrolled its first patient in a phase II clinical study in January 2017. In addition, THR-149, a plasma kallikrein inhibitor, which has resulted from research collaboration with Bicycle Therapeutics, and THR-687, an integrin antagonist, which was in-licensed from Galapagos, are in late stage pre-clinical development.
ThromboGenics pioneered a new drug category of pharmacological vitreolysis with JETREA® (ocriplasmin) which is now approved for the treatment of vitreomacular traction in 54 countries worldwide. ThromboGenics is commercializing JETREA(®) via its subsidiary ThromboGenics, Inc. in the US. Novartis commercializes JETREA(®) outside the United States.
ThromboGenics is headquartered in Leuven, Belgium, and is listed on the NYSE Euronext Brussels exchange under the symbol THR. More information is available at www.thrombogenics.com
Important information about forward-looking statements (BioInvent International AB) The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as the date they are made and are, by their very nature, in the same way as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios described in this press release. This information is information that BioInvent International AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 7.30 a.m. CET, on 10 July, 2017.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: ThromboGenics NV via GlobeNewswire