— Exelixis gains full rights to anti-tissue factor antibody used in XB002 plus oncology-specific rights to additional antibodies discovered by Iconic —

ALAMEDA, CA & SOUTH SAN FRANCISCO, CA, USA I January 06, 2022 I Exelixis, Inc. (Nasdaq: EXEL) and Iconic Therapeutics, Inc. (Iconic) today announced that the companies have amended the terms of their May 2019 exclusive option and license agreement for XB002 (formerly ICON-2), a next-generation tissue factor (TF)-targeting antibody-drug conjugate (ADC). Under the amended agreement announced today, Exelixis has acquired broad rights to use the anti-TF antibody incorporated into XB002, for any application, including conjugated to other payloads, as well as rights within oncology to a number of other anti-TF antibodies developed by Iconic, including for use in ADCs and multi-specific biologics. In exchange, Exelixis will make a one-time payment of $55 million to Iconic and will not owe any further payments to the company. Exelixis will continue to be responsible for milestone payments and royalties owed to Adimab, LLC and royalties owed to Zymeworks Inc. pursuant to prior agreements between Iconic and those companies.

“We are excited by the early data from the XB002 clinical program and its potential for patients. Tissue factor is a validated target for cancer therapy and may have utility in treating a broad number of cancer types”

“We are excited by the early data from the XB002 clinical program and its potential for patients. Tissue factor is a validated target for cancer therapy and may have utility in treating a broad number of cancer types,” said Michael Morrissey, Ph.D., President and Chief Executive Officer, Exelixis. “Amending our agreement with Iconic provides Exelixis with an opportunity to build the foundation of a promising franchise in this area and will facilitate the discovery and development of additional TF-targeted biologics potentially addressing a wide range of oncology indications that complement and expand on those targeted by XB002. This could include development of new antibody-drug conjugates with alternative toxin payloads, multi-specific antibodies, and other biologics. We look forward to sharing initial data from the ongoing XB002 phase 1 clinical trial this year.”

In December 2020 Exelixis exercised its option to in-license XB002 and is currently conducting a phase 1 trial in patients with advanced solid tumors. XB002 is the first of Exelixis’ biologics candidates to enter clinical development, and the company expects to report initial data from the phase 1 study in 2022.

Under the terms of the original May 2019 agreement, Iconic granted Exelixis rights to XB002 and limited rights to the specific anti-TF antibody as incorporated into XB002. The original agreement stipulated that Iconic would be eligible for future development, regulatory and commercialization milestone payments, as well as royalties on potential sales.

About Iconic Therapeutics

Iconic Therapeutics, Inc. is a biopharmaceutical company dedicated to leveraging its deep insight into tissue factor (TF) biology and TF’s role in inflammation, tumor growth, and angiogenesis to develop new therapeutics for retinal and inflammatory diseases, as well as cancer. The Company has developed a portfolio of proprietary molecules which bind to and antagonize TF expressed in several disease states. In December 2020, Iconic licensed to Exelixis its tissue factor-targeting antibody drug conjugate ahead of a planned Investigational New Drug Application filing by Exelixis. Please visit www.iconictherapeutics.com for additional information.

About Exelixis

Founded in 1994, Exelixis, Inc. (Nasdaq: EXEL) is a commercially successful, oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Following early work in model system genetics, we established a broad drug discovery and development platform that has served as the foundation for our continued efforts to bring new cancer therapies to patients in need. Our discovery efforts have resulted in four commercially available products, CABOMETYX® (cabozantinib), COMETRIQ® (cabozantinib), COTELLIC® (cobimetinib) and MINNEBRO® (esaxerenone), and we have entered into partnerships with leading pharmaceutical companies to bring these important medicines to patients worldwide. Supported by revenues from our marketed products and collaborations, we are committed to prudently reinvesting in our business to maximize the potential of our pipeline. We are supplementing our existing therapeutic assets with targeted business development activities and internal drug discovery – all to deliver the next generation of Exelixis medicines and help patients recover stronger and live longer. Exelixis is a member of the Standard & Poor’s (S&P) MidCap 400 index, which measures the performance of profitable mid-sized companies. For more information about Exelixis, please visit www.exelixis.com, follow @ExelixisInc on Twitter or like Exelixis, Inc.on Facebook.

SOURCE: Exelixis