ThromboGenics Ltd. and BioInvent Receive Technology Transfer Success Fee From Roche for the Novel Anti-Cancer Antibody, TB-403 (Anti-PIGF)
The TB-403 strategic alliance with Roche was signed in June 2008. Under the terms of this ongoing agreement, ThromboGenics and BioInvent received an initial upfront payment of EUR50 million, with the potential of milestone payments of up to EUR450 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.
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."
Svein Mathisen, CEO of BioInvent, said, "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."
Legal disclaimer
This press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of 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.
Notes to Editors:
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.
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-Abello, Bayer HealthCare, ImmunoGen, OrbusNeich, Sanofi-Aventis, UCB and XOMA for antibody discovery. More information is available at http://www.bioinvent.com.
Information disclosed in this press release is provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 8.00 a.m. CET, on 26 January, 2009.
For further information, please contact:
ThromboGenics NV
Patrik De Haes Chief Executive Officer Tel: +32(0)16-75-13-10 E-mail: patrik.dehaes@thrombogenics.com
Stuart Laermer Chief Business Officer Tel: +1-212-201-0920 E-mail: stuart.laermer@thrombogenics.com
Citigate Dewe Rogerson Amber Bielecka, David Dible, Nina Enegren Tel: +44(0)207-638-95-71 E-mail: amber.bielecka@citigatedr.co.uk
BioInvent International AB
Svein Mathisen President & CEO Tel: +46(0)46-286-85-67 Mobile: +46(0)708-97-82-13 E-mail: svein.mathisen@bioinvent.com
Cristina Glad Executive Vice President Tel: +46(0)46-286-85-51 Mobile: +46(0)708-16-85-70 E-mail: cristina.glad@bioinvent.com
College Hill (media enquiries) Holly Griffiths, Katja Stout, John McIntyre Tel: +44(0)20-7457-2020 E-mail: bioinvent@collegehill.com
ThromboGenics NV Gaston Geenslaan 1 B-3001 Leuven Belgium Tel: +32(0)16-75-13-10 http://www.thrombogenics.com
BioInvent International AB (publ) Co. reg. No. 556537-7263 Address: Solvegatan 41 Mailing address: SE-223 70 LUND Tel: +46(0)46-286-85-50 info@bioinvent.com http://www.bioinvent.com