BioInvent Receives Milestone Payment Related to TAK-169 Investigational New Drug Application
LUND, Sweden, July 4, 2019 /PRNewswire/ -- BioInvent International AB (BINV) today announced it will receive a $0.5 million milestone payment related to the acceptance by the U.S. Food and Drug Administration of the Investigational New Drug (IND) application for TAK-169, a first-in-class CD38-targeted fusion protein. The IND was filed by Takeda Pharmaceutical Company Limited under a co-development agreement with Molecular Templates. This milestone relates to BioInvent's proprietary n-CoDeR® antibody library and its role in the discovery of the investigational compound.
Takeda is developing TAK-169 under a royalty and milestone agreement with XOMA Corporation (NASDAQ: XOMA). BioInvent and XOMA have a long-standing cross-licensing agreement covering BioInvent's proprietary n-CoDeR® antibody library and XOMA's bacterial protein expression technology.
Martin Welschof, CEO of BioInvent, said, "This is validating that our n-CoDeR® platform not only yields highly promising drug candidates for BioInvent's proprietary programs, but is also helping our partners in building their own pipelines."
BioInvent is focused on the discovery and development of novel and first-in-class immuno-modulatory antibodies to treat cancer. The Company's lead program BI-1206, is currently in Phase l/ll for non-Hodgkin lymphoma and chronic lymphatic leukemia. BioInvent's pre-clinical portfolio is focused on targeting key immune suppressive cells and pathways of the tumor microenvironment, including regulatory T cells, tumor-associated myeloid cells and mechanisms of antibody drug-resistance. The Company has a strategic research collaboration with Pfizer Inc., and partnerships with Transgene, Bayer Pharma, Daiichi Sankyo, and Mitsubishi Tanabe Pharma. BioInvent generates near term revenues from its fully integrated manufacturing unit producing antibodies for third parties for research through to late-stage clinical trials. More information is available at www.bioinvent.com.
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
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Mailing address: 223 70 LUND
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The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as 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.
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