BioInvent International and ThromboGenics announce today that they have received a technology transfer success fee of €5 million from Roche under the terms of their strategic alliance for the novel anti-cancer antibody, TB-403
Lund, Sweden and Leuven, Belgium | January, 26, 2009 | BioInvent International AB (OMXS:BINV) and ThromboGenics NV (EURONEXT:THR) announce today that they have received a technology transfer success fee of €5 million from Roche under the terms of their strategic alliance for the novel anti-cancer antibody, TB-403. The payment has been triggered by the successful transfer and implementation of technology and process development to Roche in relation to the ongoing clinical development of TB-403.
The TB-403 strategic alliance with Roche was signed in June 2008. Under the terms of this ongoing agreement, BioInvent and ThromboGenics received an initial upfront payment of €50 million, with the potential of milestone payments of up to €450 million following completion of a series of development and commercial milestones, as well as double digit royalties on future sales. ThromboGenics, which discovered TB-403, receives 60% and BioInvent 40% of the revenue from the deal.
Under the terms of the agreement, Roche is responsible for all development costs for TB-403, including the completion of the Phase Ib trial currently being run by BioInvent and ThromboGenics.
TB-403 (anti-PlGF) is a humanized monoclonal antibody that blocks the formation of the new blood vessels required by solid tumours to support growth. PlGF is a homologue of VEGF, and clinical evidence suggests that it plays a role in the angiogenesis of malignant tissue, and does not affect normal tissue angiogenesis.
Svein Mathisen, CEO of BioInvent, commented, "We are delighted to receive the success fee associated with this important event in our key strategic alliance with Roche. A good momentum has been achieved in the collaboration, and the value of the program continues to be enhanced. TB-403 has the potential to become a significant new treatment for cancer and we are pleased to be supporting Roche in its progress towards commercialisation."
Patrik De Haes, CEO of ThromboGenics, commented, "We are very pleased to be able to make this announcement today. The fact that we have been able to achieve the goal that has triggered this payment from Roche so quickly highlights the excellent working relationship that has developed between all parties in this important strategic alliance. We are looking forward to the results of the current Phase Ib clinical trial with TB-403, and in assisting Roche in paving the way for the broader clinical development program with this unique anti-cancer agent."
About BioInvent
BioInvent International AB, listed on the OMX Nordic Exchange Stockholm (BINV), is a research-based pharmaceutical company that focuses on developing antibody drugs. The Company is currently running innovative drug projects within the areas of thrombosis, cancer and atherosclerosis. The Company has signed various strategic alliances around these product candidates and is developing them in collaboration with partners including Genentech, Roche and ThromboGenics.
These projects are based around a competitive and in substance patented antibody development platform. The scope and strength of this platform is also utilised by partners, such as ALK-Abelló, Bayer HealthCare, ImmunoGen, OrbusNeich, Sanofi-Aventis, UCB and XOMA. More information is available at www.bioinvent.com.
About ThromboGenics
ThromboGenics is a biotechnology company focused on the discovery and development of biopharmaceuticals for the treatment of eye disease, vascular disease and cancer. The Company´s lead product Microplasmin is in Phase III clinical development for the non-surgical treatment of back of the eye diseases. Microplasmin is also being evaluated in Phase II clinical development for additional vitreoretinal indications and as a potential therapy for stroke. ThromboGenics is also developing novel antibody therapeutics in collaboration with BioInvent International; these include TB-402 (Anti-Factor VIII), a long acting anti-coagulant, and TB-403 (anti-PlGF) for cancer.
ThromboGenics has built strong links with the University of Leuven and the Flanders Institute for Biotechnology (VIB) and has exclusive rights to certain therapeutics developed at these institutions. ThromboGenics is headquartered in Leuven, Belgium and has subsidiaries in Dublin, Ireland and New York, U.S. The Company is listed on Eurolist by Euronext Brussels under the symbol THR. More information is available at www.thrombogenics.com.
SOURCE: BioInvent International AB & ThromboGenics NV
Post Views: 110
BioInvent International and ThromboGenics announce today that they have received a technology transfer success fee of €5 million from Roche under the terms of their strategic alliance for the novel anti-cancer antibody, TB-403
Lund, Sweden and Leuven, Belgium | January, 26, 2009 | BioInvent International AB (OMXS:BINV) and ThromboGenics NV (EURONEXT:THR) announce today that they have received a technology transfer success fee of €5 million from Roche under the terms of their strategic alliance for the novel anti-cancer antibody, TB-403. The payment has been triggered by the successful transfer and implementation of technology and process development to Roche in relation to the ongoing clinical development of TB-403.
The TB-403 strategic alliance with Roche was signed in June 2008. Under the terms of this ongoing agreement, BioInvent and ThromboGenics received an initial upfront payment of €50 million, with the potential of milestone payments of up to €450 million following completion of a series of development and commercial milestones, as well as double digit royalties on future sales. ThromboGenics, which discovered TB-403, receives 60% and BioInvent 40% of the revenue from the deal.
Under the terms of the agreement, Roche is responsible for all development costs for TB-403, including the completion of the Phase Ib trial currently being run by BioInvent and ThromboGenics.
TB-403 (anti-PlGF) is a humanized monoclonal antibody that blocks the formation of the new blood vessels required by solid tumours to support growth. PlGF is a homologue of VEGF, and clinical evidence suggests that it plays a role in the angiogenesis of malignant tissue, and does not affect normal tissue angiogenesis.
Svein Mathisen, CEO of BioInvent, commented, "We are delighted to receive the success fee associated with this important event in our key strategic alliance with Roche. A good momentum has been achieved in the collaboration, and the value of the program continues to be enhanced. TB-403 has the potential to become a significant new treatment for cancer and we are pleased to be supporting Roche in its progress towards commercialisation."
Patrik De Haes, CEO of ThromboGenics, commented, "We are very pleased to be able to make this announcement today. The fact that we have been able to achieve the goal that has triggered this payment from Roche so quickly highlights the excellent working relationship that has developed between all parties in this important strategic alliance. We are looking forward to the results of the current Phase Ib clinical trial with TB-403, and in assisting Roche in paving the way for the broader clinical development program with this unique anti-cancer agent."
About BioInvent
BioInvent International AB, listed on the OMX Nordic Exchange Stockholm (BINV), is a research-based pharmaceutical company that focuses on developing antibody drugs. The Company is currently running innovative drug projects within the areas of thrombosis, cancer and atherosclerosis. The Company has signed various strategic alliances around these product candidates and is developing them in collaboration with partners including Genentech, Roche and ThromboGenics.
These projects are based around a competitive and in substance patented antibody development platform. The scope and strength of this platform is also utilised by partners, such as ALK-Abelló, Bayer HealthCare, ImmunoGen, OrbusNeich, Sanofi-Aventis, UCB and XOMA. More information is available at www.bioinvent.com.
About ThromboGenics
ThromboGenics is a biotechnology company focused on the discovery and development of biopharmaceuticals for the treatment of eye disease, vascular disease and cancer. The Company´s lead product Microplasmin is in Phase III clinical development for the non-surgical treatment of back of the eye diseases. Microplasmin is also being evaluated in Phase II clinical development for additional vitreoretinal indications and as a potential therapy for stroke. ThromboGenics is also developing novel antibody therapeutics in collaboration with BioInvent International; these include TB-402 (Anti-Factor VIII), a long acting anti-coagulant, and TB-403 (anti-PlGF) for cancer.
ThromboGenics has built strong links with the University of Leuven and the Flanders Institute for Biotechnology (VIB) and has exclusive rights to certain therapeutics developed at these institutions. ThromboGenics is headquartered in Leuven, Belgium and has subsidiaries in Dublin, Ireland and New York, U.S. The Company is listed on Eurolist by Euronext Brussels under the symbol THR. More information is available at www.thrombogenics.com.
SOURCE: BioInvent International AB & ThromboGenics NV
Post Views: 110
