ANTISENSE MS DRUG IN POTENTIAL $US100m LICENCE
February 12th 2008 09:17
Biotech Daily
Monday February 11, 2008
Daily news on ASX-listed biotechnology companies
Monday February 11, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS DOWN: BIONOMICS UP 16%, BENITEC DOWN 12%
* ANTISENSE MS DRUG IN POTENTIAL $US100m LICENCE
* PROTEOME EARNS 2ND BECTON DICKINSON MILESTONE PAYMENT
* BIOTA COMPLETES ENROLMENT IN JAPAN ‘FLU DRUG TRAIL
* NEUREN RAISES $7.1m
* VENTRACOR IMPLANTS 20TH HEART PUMP PATIENT
* PHOSPHAGENICS ON-TRACK WITH NESTLÉ OBESITY TRIAL
* GENEPHARM BUYS STRIDES FOR $65m IN SHARES
THE MARKET
Eleven of the Biotech Daily Top 40 stocks were up, 17 fell, six traded unchanged and six were untraded.
Bionomics was best up five cents or 15.63 percent to 37 with 136,044 shares traded, followed by Novogen and Tissue Therapies, both up 7.5 percent to $1.29 and 21.5 cents, respectively.
Benitec led the falls, down 1.5 cents or 12.0 percent to 11 cents with 680,100 shares traded, followed by Living Cell down 11.86 percent to 26 cents, Cytopia down 11.11 percent to 40 cents and Phylogica down 10.34 percent to 13 cents.
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ANTISENSE
Teva Pharmaceutical Industries will pay Antisense $US2 million upfront and up to $US100 million to licence its multiple sclerosis drug ATL1102, currently in a phase IIa trial.
The Israel-based Teva already has the “blockbuster” drug Copaxone on the market for multiple sclerosis.
Teva’s website says that in 2006, “in-market global sales of Copaxone reached a new record of $US1,414 million, an increase of 20 percent over 2005.
The 2007 values are due tomorrow February 12, 2008.
ATL1102 was discovered by Antisense sister company Isis Pharmaceuticals and licensed to Antisense.
Antisense will receive an initial $US2 million up-front payment and has the potential to receive payments related to the continued clinical development of ATL1102 for multiple sclerosis pending development milestones and more significant milestone payments for entry into the market and sales targets in particular territories.
The licence includes potential milestone payments of up to $US100 million for the multiple sclerosis indication which is contingent on completion of research and development, successful commercialization and meeting sales milestones.
Antisense says it “bears inherent risks as does all pharmaceutical research and development”.
Teva will fund and perform all future development of ATL1102 beyond the current trial, should they decide to continue beyond that point.
Antisense said that if it fails to meet a particular development milestone regarding completion of the phase IIa study by the agreed date in mid 2008, Teva may terminate the agreement and receive a $US2 million termination fee.
The fully-enrolled trial has 77 patients who are being dosed for two months with a follow up two months later.
Antisense chief executive officer Mark Diamond told Biotech Daily the follow up would be magnetic resonance imaging scans to measure brain lesions in active-dosed patients compared to placebo. He said the results were expected “in mid-year”.
Royalties payable on net sales of ATL1102 “are in the low double digit range and are tiered according to annual net sales achieved” Antisense said.
The agreement allows Teva to in-licence ATL1102 as an aerosol drug for asthma.
Under a separate agreement with Isis, Antisense pays Isis one third of sub-licence fees and milestone payments received from Teva as well as a percentage of any royalties it receives.
Mr Diamond said he was “delighted to have signed this significant licencing deal with one of the world’s leading pharmaceutical companies”.
“Clinical stage deals such as this are subject to very stringent selection criteria and we are particularly pleased that Teva has recognized the drug’s commercial potential,” Mr Diamond said.
“Teva is a company with tremendous expertise in developing drugs and is our partner of choice,” he said.
Antisense will continue to manage and fund the current phase IIa clinical trial in relapsing-remitting multiple sclerosis patients, which is on track for completion of dosing, unblinding of the clinical trial and reporting of results in mid 2008.
Antisense says it makes “no representations with respect to the outcome of the phase IIa trial and, like all other clinical trials in pharmaceutical research and development, there are inherent risks in terms of clinical outcomes, efficacy, cost and timeframes”.
“As such, no assurance can be given that Antisense’s drug development efforts will translate to successful commercialization,” the company said.
Antisense climbed 0.4 cents or 6.25 percent to 6.8 cents with 10.3 million shares traded.
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