-Aquinox to Receive $25M in Upfront
Payment, Potentially Over $100M in Additional Milestone Payments
and Royalties-
Aquinox Pharmaceuticals, Inc. (NASDAQ:AQXP) (“Aquinox”), a
clinical-stage pharmaceutical company discovering and developing
novel drug candidates to treat inflammation, inflammatory pain, and
blood cancers, and Astellas Pharma Inc. (TSE:4503) (“Astellas”)
today announced an exclusive license agreement (“Agreement”) for
Japan and certain other countries in the Asia-Pacific region for
Astellas to develop and commercialize rosiptor, Aquinox’s lead drug
candidate, a first-in-class, once-daily oral treatment currently in
Phase 3 clinical development for interstitial cystitis/bladder pain
syndrome (IC/BPS) in North America and Europe.
Under the Agreement, Astellas will have the exclusive right to
research, develop, and commercialize rosiptor for all human
diseases and conditions in Japan and additional countries in the
Asia-Pacific region, including major markets such as South Korea,
Australia, Taiwan, Indonesia, and Malaysia, but excluding China and
India.
“Astellas has a deep appreciation for the unmet need and
potential market opportunity in interstitial cystitis/bladder pain
syndrome,” said David Main, President and CEO of Aquinox. “We
believe this partnership will accelerate rosiptor’s development in
the Asia-Pacific region and increase its commercial potential given
Astellas’ strong presence and experience in these markets, leading
commercial portfolio in urology, and track record of successfully
introducing new treatments.”
Aquinox will receive an upfront payment of $25 million in
connection with entry into the Agreement, and may also receive up
to an additional $60 million in development milestone payments and
$70 million in commercial milestone payments, as well as royalties
on any future sales of rosiptor within the licensed territory.
“The agreement fits with our strategy to deliver innovative
drugs in therapeutic areas with high unmet medical needs. Rosiptor
has a novel mechanism of action, activation of SHIP1,” said Naoki
Okamura, Chief Strategy Officer of Astellas. “Astellas has a
history of discovery and development of the unique medical
treatments to improve patients’ quality of life. By leveraging this
strength, we aim to deliver this potential new therapeutic option
to those patients who are suffering from IC/BPS.”
IC/BPS involves pain, pressure, and/or discomfort perceived to
be related to the urinary bladder and is also associated with lower
urinary tract symptoms in the absence of infection.
Aquinox will host a conference call later today for investors
regarding this announcement with details as follows:
Conference Call and Webcast Details:Date:
Thursday May 10, 2018Time: 8:30 AM EDT / 5:30 AM PDTToll-free:
1.866.357.7878International: 1.315.625.3088Audience Passcode
7989475Webcast URL: https://edge.media-server.com/m6/p/94pfk32j The
archived webcast will also be available on Aquinox's website at
www.aqxpharma.com approximately two hours after the event and
will be available for replay for at least 30 days after the
event.
About Rosiptor Rosiptor (AQX-1125), Aquinox's
lead drug candidate, is a first-in-class, once-daily, oral
treatment being studied for its effects on inflammation and
inflammatory pain. Rosiptor has a novel mechanism of action,
activating SHIP1 (SH2-containing inositol-5'-phosphatase 1), an
enzyme that serves to down-regulate inflammation through its role
in the PI3K signaling pathway. Rosiptor has been generally well
tolerated in multiple completed clinical studies, with more than
395 subjects dosed.
About Aquinox Pharmaceuticals, Inc. Aquinox
Pharmaceuticals, Inc. is a clinical-stage pharmaceutical company
developing novel therapeutics for chronic urological conditions
marked by inflammation and pain. Aquinox's lead drug candidate,
rosiptor (AQX-1125), is in Phase 3 development for the treatment of
patients with interstitial cystitis/bladder pain syndrome (IC/BPS),
a debilitating condition marked by chronic pain and urinary
symptoms, for which there are currently few FDA approved and/or
effective treatment options. Aquinox is focused on leveraging its
library of novel compounds that activate SHIP1 to develop
therapeutics for application in inflammation, inflammatory pain,
and blood cancers. For more information, please visit
www.aqxpharma.com.
About Astellas Pharma Inc. Astellas Pharma
Inc., based in Tokyo, Japan, is a company dedicated to improving
the health of people around the world through the provision of
innovative and reliable pharmaceutical products. We focus on
Urology, Oncology, Immunology, Nephrology and Neuroscience as
prioritized therapeutic areas while advancing new therapeutic areas
and discovery research leveraging new technologies/modalities. We
are also creating new value by combining internal capabilities and
external expertise in the medical/healthcare business. Astellas is
on the forefront of healthcare change to turn innovative science
into value for patients. For more information, please visit our
website at https://www.astellas.com/en.
Cautionary Note on Forward-Looking Statements
(Aquinox)
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to: development of
rosiptor and potential future payments to Aquinox under the
Agreement. These statements are subject to risks and uncertainties
that could cause actual results and events to differ materially
from those anticipated, including, but not limited to, risks and
uncertainties related to: clinical drug development is a lengthy
and expensive process with an uncertain outcome; the size and
growth of the potential markets for rosiptor; Astellas’s ability to
obtain and maintain regulatory approval of rosiptor and our
expectations regarding the potential safety, efficacy or clinical
utility of rosiptor. Actual results or developments may differ
materially from those projected or implied in these forward-looking
statements. More information about the risks and uncertainties
faced by Aquinox is contained in Aquinox’s Annual Report on Form
10-K for the year ended December 31, 2017 and subsequent reports,
filed with the Securities and Exchange Commission. Aquinox
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Cautionary Notes (Astellas)
In this press release, statements made with respect to current
plans, estimates, strategies and beliefs and other statements that
are not historical facts are forward-looking statements about the
future performance of Astellas. These statements are based on
management’s current assumptions and beliefs in light of the
information currently available to it and involve known and unknown
risks and uncertainties. A number of factors could cause actual
results to differ materially from those discussed in the
forward-looking statements. Such factors include, but are not
limited to: (i) changes in general economic conditions and in laws
and regulations, relating to pharmaceutical markets, (ii) currency
exchange rate fluctuations, (iii) delays in new product launches,
(iv) the inability of Astellas to market existing and new products
effectively, (v) the inability of Astellas to continue to
effectively research and develop products accepted by customers in
highly competitive markets, and (vi) infringements of Astellas’
intellectual property rights by third parties. Information about
pharmaceutical products (including products currently in
development) which is included in this press release is not
intended to constitute an advertisement or medical advice.
Contact Info:
Aquinox: Brendan Payne Associate
Director, Investor Relations Aquinox Pharmaceuticals, Inc.
604.901.3019 ir@aqxpharma.com |
Astellas:Astellas Pharma
Inc.Corporate CommunicationsTEL: +81-3-3244-3201 FAX:
+81-3-5201-7473 |
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