CytoDyn Announces Acquisition of Pro 140
10/17/2012 9:58:15 AM
PORTLAND, Ore.--(BUSINESS WIRE)--CytoDyn Inc. ("CytoDyn") (OTC QB: CYDY), a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses, announced today that it has completed the acquisition of Pro 140, an experimental humanized monoclonal antibody (mAb) targeting the CCR5 receptor for the treatment and prevention of HIV, from Progenics Pharmaceuticals, Inc. of Tarrytown, NY. Pro 140 is a late Stage II clinical development mAb with demonstrated anti-viral activity in HIV- infected subjects. Today’s payment of $3.5 million transfers ownership of the technology and associated intellectual property from Progenics to CytoDyn, as well as approximately 25 million mg of bulk drug substance. The agreement with Progenics calls for two future milestone payments upon commencement of a Phase III clinical trial ($1.5 million) and the first new drug application approval ($5 million), as well as royalty payments of 5 percent of net sales upon commercialization.