BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Peptimmune, Inc. Grants Major Pharmaceutical Company Exclusive Option to License PI-2301 for Multiple Sclerosis; Payments Could Total More Than $500 Million


1/15/2009 8:20:08 AM

CAMBRIDGE, Mass., Jan. 15 /PRNewswire/ -- Peptimmune, Inc. ("Peptimmune"), a privately held biotechnology company, announced today that it has granted Novartis an exclusive option to obtain exclusive worldwide rights to develop and commercialize PI-2301, Peptimmune's multiple sclerosis drug candidate. In a separate but related agreement, the MPM Bio IV NVS Strategic Fund L.P. made an equity investment in Peptimmune.

In the event that Novartis exercises the option to PI-2301, Novartis would assume the global clinical development, manufacturing, and marketing of PI-2301 and all associated costs. Peptimmune would receive payments upon the option exercise and upon successful completion of certain development, regulatory, and commercial milestones. These payments together could total more than $500 million. In addition, Peptimmune shall be eligible to receive royalties on product sales. Additional terms were not disclosed.

"We believe that Novartis represents an outstanding future partner for Peptimmune and the global development of PI-2301. This option agreement provides Peptimmune with access to both Novartis' world class development expertise and the necessary capital to invest in this proprietary product," said Thomas P. Mathers, President and CEO of Peptimmune.

Todd Foley, Managing Director at MPM Capital commented, "Peptimmune and its world-leading expertise in peptide copolymers represent an attractive investment opportunity."

About PI-2301

PI-2301 is a peptide copolymer developed using Peptimmune's novel platform peptide chemistry. PI-2301 is designed to enhance the regulatory response of the immune system, thereby controlling the pathogenic autoimmune response in certain diseases. PI-2301 is currently in Phase 1b development by Peptimmune.

About Peptimmune (www.peptimmune.com)

Peptimmune is a clinical stage biotechnology company developing peptide and peptide-copolymer therapeutics for the treatment of CNS and Autoimmune disorders. These therapies target MHC Class II molecules and modulating immune responses. Founded in 2002 and located in Cambridge, MA USA, the Company is led by an experienced management team and exploits its proprietary DEEP(TM) Technology to design peptides and peptide mixtures.

CONTACT: Thomas P. Mathers of Peptimmune, +1-617-715-8040,
tom.mathers@peptimmune.com.

Web site: http://www.peptimmune.com/



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES