Imperial Innovations Group plc PsiOxus signs exclusive licence agreement with BMS (3688S)
December 20 2016 - 6:03AM
UK Regulatory
TIDMIVO
RNS Number : 3688S
Imperial Innovations Group plc
20 December 2016
20 December 2016
Imperial Innovations Group plc
Portfolio company PsiOxus Therapeutics signs exclusive worldwide
licence agreement with BMS for NG-348 its first "armed" oncolytic
virus
Imperial Innovations Group plc (AIM: IVO, 'the Group',
'Innovations') is pleased to note that portfolio company PsiOxus
Therapeutics ('PsiOxus' or the 'Company') has announced an
agreement granting Bristol-Myers Squibb exclusive worldwide rights
to NG-348, a pre-clinical stage, "armed" oncolytic virus which may
serve as a novel mechanism to address solid tumours.
Under the terms of the agreement, Bristol-Myers Squibb will
grant PsiOxus a US$50 million upfront payment and will be solely
responsible for global clinical development and commercialisation
activities related to NG-348. PsiOxus is also eligible to receive
up to US$886 million in development, regulatory and sales-based
milestones, and in addition, royalties on net sales. Bristol-Myers
Squibb will also be responsible for providing PsiOxus funding to
support activities related to the preclinical development of
NG-348.
PsiOxus is an Oxford-based immuno-oncology company that has
developed a patented platform for the systemic delivery of
tumour-targeted oncolytic immune therapeutics. NG-348 is the first
of PsiOxus' viruses to use its proprietary Tumour-Specific
Immuno-gene Therapy (T-SIGn) platform to "arm" the virus with
additional immuno-therapeutic transgenes. This makes possible the
creation of a broad range of systemically delivered oncolytic
immune therapeutics, including oncolytic viruses that express one
or more antibodies, cytokines, immunomodulatory proteins, and
nucleotide (RNA)-based payloads.
This announcement is the second collaboration between PsiOxus
and Bristol-Myers Squibb and follows an agreement announced in June
2016 under the terms of which the two companies entered into an
exclusive clinical collaboration to study enadenotucirev, PsiOxus'
systemically administered "unarmed" oncolytic adenovirus
therapeutic.
PsiOxus is Innovations' fifth largest portfolio company by
value. As at 31 July 2016, Innovations had a 27.8% interest in the
issued share capital of PsiOxus with a net investment carrying
value of GBP22.6 million.
Russ Cummings, Chief Executive Officer, Imperial Innovations
commented:
"We are very excited about this agreement, which is PsiOxus'
second major collaboration with BMS and a strong validation of the
company's proprietary platform for the systemic delivery of
oncolytic immune therapeutics. BMS has deep expertise in
immuno-oncology and the resources to continue the development of
NG-348 and drive this programme into clinical development.
"PsiOxus will benefit from a substantial upfront payment which
it can invest in developing further T-SIGn armed viruses. The total
deal size of US$936 million is indicative of the significant
potential value of the collaboration.
"Another of our portfolio companies Crescendo Biologics recently
announced a collaborative agreement with Takeda worth up to US$790
million. Both deals highlight Innovations' strength in oncology and
are important validations of our maturing therapeutics
portfolio."
For further information contact:
020 3053
Imperial Innovations Group plc 8834
Russ Cummings, Group Chief Executive
Jon Davies, Director of Communications
020 7457
Instinctif Partners 2020
Adrian Duffield/Melanie Toyne-Sewell/Chantal
Woolcock
J.P. Morgan Cazenove (Nominated 020 7742
Adviser) 4000
Michael Wentworth-Stanley/Alec
Pratt
020 7397
Cenkos Securities 8900
Elizabeth Bowman/Steve Cox
About Imperial Innovations - www.imperialinnovations.co.uk
Imperial Innovations Group plc ("Innovations") creates, builds
and invests in pioneering technology companies and licensing
opportunities developed from outstanding scientific research from
the 'Golden Triangle', the geographical region broadly bounded by
London, Cambridge and Oxford.
This area has an unrivalled cluster of outstanding academic
research and technology businesses, and is home to four of the
world's top 10 universities, as well as leading research
institutions, the cream of the UK's science and technology
businesses and many of its leading investors.
Innovations supports scientists and entrepreneurs in the
commercialisation of their ideas, through the licensing of
intellectual property, by leading the formation of new companies,
by recruiting high-calibre management teams and by providing
investment and encouraging co-investment. Innovations remains an
active investor over the life of its portfolio companies, with the
majority of Innovations' investment going into businesses in which
it is already a shareholder.
Since becoming a public company in 2006, Innovations has raised
more than GBP440 million of equity from investors, which has
enabled it to invest in some of the most exciting spin-outs to come
out of UK academic research. In addition, the Group has agreed
GBP80.0 million in loan facilities from the European Investment
Bank (EIB).
Between Innovations' admission to AIM (August 2006) and 31 July
2016, Innovations has invested a total of GBP306.7 million across
its portfolio companies, which have raised collectively investment
of GBP1.5 billion.
This information is provided by RNS
The company news service from the London Stock Exchange
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