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2003/OB/06
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Wyeth Exercises
Option on Oxford BioMedica's Anti-tumour Antibody
Oxford
BioMedica announced that its collaboration with Wyeth (NYSE:
WYE), on the development of an anti-cancer monoclonal antibody
linked to a cytotoxic drug, had reached a key milestone. Wyeth
has exercised its option to be granted an exclusive license
to Oxford BioMedica’s antibody.
Under
the original agreement, announced in January 2001, Wyeth had
been given an option to acquire exclusive development and
worldwide marketing rights for the antibody for all human
cancer indications. In addition, Wyeth assumes full responsibility
for the programme and the costs of development, clinical research,
marketing and manufacture of the products that may result
from the research effort.
The potential
value of the deal for Oxford BioMedica is $24 million, comprising
upfront payments, license option fees and milestone payments.
Additionally, Oxford BioMedica will receive royalties on product
sales by Wyeth. Wyeth’s exercising of the option, announced
today, triggers a payment and sets a timeline for completion
of key preclinical analyses.
Wyeth
has rights to develop the Oxford BioMedica antibody as a “naked”
antibody – using the antibody alone - and/or as an antibody-drug
conjugate, i.e. chemically coupled to the cytotoxic molecule,
calicheamicin. Wyeth has expertise and proprietary technology
in the conjugation of calicheamicin to monoclonal antibodies.
Calicheamicin is the active component of Mylotarg®,
an antibody conjugate for the treatment of Acute Myeloid Leukaemia
that was launched in 2000 by Wyeth in the United States.
Oxford
BioMedica’s antibody is directed against a novel proprietary
tumour-associated antigen that is expressed on a wide range
of solid tumours. Products developed under this agreement
are therefore expected to be broadly applicable in the treatment
of many kinds of cancer.
Commenting
on the announcement, Professor Alan Kingsman, Chief Executive
of Oxford BioMedica, said: "We are pleased to take
this next step along the path towards a very exciting product.
There is no better partner than Wyeth for this type of therapy.”
-Ends-
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| Notes
| 1. |
Oxford
BioMedica plc |
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Established in 1995 as a spin out from Oxford University,
Oxford BioMedica plc specialises in the development
of novel gene-based therapeutics for the treatment of
cancer, neuro-degenerative disease and other disorders
with major unmet clinical needs. The development pipeline
includes two novel anti-cancer products in clinical
trials and a gene therapy treatment for Parkinson’s
disease, which is in late preclinical studies. This
is underpinned by a broad research pipeline and over
70 patent families, about quarter of which are issued.
Oxford
BioMedica’s products use genes as the mediators
of a therapeutic effect and/or immune response. The
Company’s gene therapy products deliver therapeutic
molecules in vivo whilst its gene-based immunotherapy
products deliver genes that recruit the patient’s
immune system to mediate a therapeutic effect. The genes
are delivered by the Company’s highly engineered
viruses or cells.
BioMedica’s
lead product TroVax® is an anti-cancer therapeutic
vaccine expected to be useful against a broad range
of tumour types. It is entering Phase II trials in a
number of indications including colorectal and renal
cancer, and is expected to be ready for Phase III trials
at the end of 2003. The Company’s second cancer
product, MetXia®, is completing Phase I/II studies
in breast cancer.
Oxford
BioMedica is headquartered in Oxford, UK and has a wholly-owned
subsidiary in San Diego, USA. BioMedica has corporate
collaborations with Wyeth, IDM, Intervet, Aliga Pharmaceuticals,
Amersham and Arius Research.
Oxford
BioMedica plc was floated on the Alternative Investment
Market of the London Stock Exchange in December 1996,
and was promoted to the United Kingdom Listing Authority
Official List in April 2001 following a successful £35.5
million fund-raising. |
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| 2. |
Forward-looking
statement |
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The
statements in this press release that are not historical
facts are forward-looking statements that involve risks
and uncertainties including, without limitation, risks
associated with the inherent uncertainty of pharmaceutical
research, product development and commercialisation, the
impact of competitive products, and patent, and other
risks and uncertainties, including those detailed in company
periodic reports, including quarterly reports on Form
10-Q and an annual report on Form 10K, filed with the
Securities and Exchange Commission. Actual results may
differ from the forward-looking statements. |
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| For
further information please contact: |
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Oxford BioMedica plc
Professor
Alan Kingsman, Chief Executive |
Tel: +44 (0)1865 783 000 |
| City/Financial
Enquiries
Mike
Wort, James Chandler
Beattie Financial |
Tel: +44 (0)20 7398 3300
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| Scientific/Trade
Enquiries
Sue
Charles, Katja
Stout
College Hill - Life Sciences |
Tel:
+44 (0)20 7321 3870 |
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