Gliknik To Receive $15 Million Milestone Payment From Pfizer Inc. Following Clinical Progress With PF-06755347, Previously Known As GL-2045
BALTIMORE, Feb. 19, 2019 /PRNewswire/ -- Gliknik Inc. today announced that it will receive a $15 million milestone payment from Pfizer Inc. (NYSE: PFE) following the start of a Phase I clinical trial of Pfizer drug candidate PF-06755347, previously known as GL-2045, for the potential treatment of chronic inflammatory demyelinating polyneuropathy (CIDP), a rare neurological disorder. Gliknik and Pfizer entered into an exclusive worldwide licensing agreement in 2013.
"Beginning the Phase I clinical trial is an important milestone in the development of this drug candidate," said Gliknik CEO David S. Block. "We are hopeful that Pfizer's clinical development efforts will lead to more treatment options for patients with CIDP."
Gliknik continues to be eligible to receive potential development, regulatory and commercial milestone payments under the 2013 license agreement with Pfizer. Gliknik is also eligible to receive tiered, double-digit royalties on net sales of any products that may be commercialized pursuant to this license agreement.
About PF-06755347 (GL-2045)
PF-06755347 is a recombinant immunomodulation drug candidate, not derived from blood, that was designed with the hope of meeting or exceeding the efficacy of the blood product Intravenous Immune Globulin (IVIg) in treating autoimmune diseases. In 2015, the U.S. Food and Drug Administration granted PF-06755347 Orphan Drug Designation for CIDP.
About Gliknik Inc.
Gliknik is a privately held biopharmaceutical company creating new therapies for patients with cancer and immune disorders. Gliknik expertise is in modulation of the immune system to fight disease. The lead Gliknik clinical compound is the immune modulator GL-0817 for cancer, which is in a randomized, blinded, placebo-controlled study in the prevention of recurrence of high-risk oral cavity cancer. Gliknik is also advancing a novel inhibitor of the classical and MBL complement pathways, GL-0719. Learn more at www.gliknik.com.
This press release contains "forward-looking statements" concerning the development of Gliknik products, the potential benefits and attributes of such products, and the possible receipt by Gliknik of future payments. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Gliknik undertakes no obligation to update any forward-looking statements for any reason.
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SOURCE Gliknik Inc.
Company Codes: NYSE:PFE