Last checked at 28 Aug 2013 07:00
Oxford BioMedica Announces US$1 million Milestone Payment from Pfizer
-- Phase I clinical trial for 5T4-targeted antibody therapy underway --
Oxford, UK - 28 August 2013: Oxford BioMedica ("Oxford BioMedica" or "the Company") (LSE: OXB), the leading gene-based biopharmaceutical company, today announced that a US$1 million milestone payment from Pfizer Inc. has been triggered by the entry of PF-06263507, a 5T4-targeted investigational antibody therapy, into human clinical trials.
Under the terms of the agreement with Pfizer, Oxford BioMedica licensed global rights to develop antibodies targeting the 5T4 tumour antigen for the treatment of cancer to Wyeth (acquired by Pfizer in 2009) in 2001. Pfizer also has non-exclusive rights for the diagnostic use of 5T4 antibodies, including an option for commercialisation of a 5T4-based diagnostic. The potential value of Oxford BioMedica's collaboration with Pfizer is worth up to an additional US$27 million, which comprises future milestone payments and licence option fees that are subject to the achievement of certain project objectives.
John Dawson, Chief Executive Officer of Oxford BioMedica, said: "The 5T4 tumour antigen is an important target for novel anti-cancer therapeutics and the cancer targeted therapies market represents a significant opportunity. We look forward to the future progress of PF-06263507."
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For further information, please contact: | |
Oxford BioMedica plc: Lara Mott, Head of Investor Relations and Corporate Communications |
Tel: +44 (0)1865 783 000 |
Media Enquiries: Mary-Jane Elliott/Emma Thompson/Matthew Neal Consilium Strategic Communications |
Tel: +44 (0)20 7920 2345 |
Notes to editors
1. About Oxford BioMedica®
Oxford BioMedica plc (LSE: OXB) is a biopharmaceutical company developing innovative gene-based medicines and therapeutic vaccines that aim to improve the lives of patients with high unmet medical needs. The Company's technology platform includes a highly efficient LentiVector® gene delivery system, which has specific advantages for targeting diseases of the central nervous system and the eye; and a unique tumour antigen (5T4), which is an ideal target for anti-cancer therapy. Through in-house and collaborative research, Oxford BioMedica has a broad pipeline with current partners and licensees including Sanofi, Pfizer, Novartis, GlaxoSmithKline, MolMed, Sigma-Aldrich, Biogen Idec, Emergent BioSolutions, ImaginAb and Immune Design Corp. Further information is available at www.oxfordbiomedica.co.uk and www.oxbsolutions.co.uk.
2. Targeted antibody therapy
The 5T4 tumour antigen is a unique protein found on most common types of solid cancer, which makes it a potentially valuable target for novel anti-cancer interventions. The 5T4-targeted antibody therapy is a humanised monoclonal antibody linked to a potent anti-cancer agent. The product binds to the 5T4 antigen on the surface of cancerous cells. Once bound, the complex is internalised by the tumour cell, the anti-cancer agent is released from the antibody, and the free drug kills the cancerous cell. The cancer targeted therapies and immunotherapy market was $19.5 billion in 2009, forecast to increase to $36.8 billion in 2019 (source: Datamonitor, 2010).