Synairgen plc Update on LOXL2 Programme&Pharmaxis Collaboration (3339Z)
December 14 2017 - 1:01AM
UK Regulatory
TIDMSNG
RNS Number : 3339Z
Synairgen plc
14 December 2017
Press release
Synairgen plc
('Synairgen' or the 'Company')
Update on LOXL2 Programme and Collaboration with Pharmaxis
GBP5M payment to Synairgen plus percentage of all future
partnering revenues
Southampton, UK - 14 December 2017: Synairgen (LSE: SNG), the
respiratory drug discovery and development company, today announces
an update to its collaboration agreement with Pharmaxis and the
Lysyl Oxidase type 2 (LOXL2) programme. Following the successful
completion of preclinical studies and the commencement of the Phase
I clinical trial with its LOXL2 inhibitor programme, Pharmaxis and
Synairgen have revised the terms of the collaboration.
Under the revised terms, Pharmaxis will take on full operational
responsibilities for the programme, including the ongoing Phase I
trial of the LOXL2 inhibitor PXS-5382. As a result of the combined
work in the collaboration, Pharmaxis is concurrently developing a
second LOXL2 inhibitor PXS-5338 (also in Phase I) which will expand
partnering opportunities across multiple fibrotic conditions. The
revised agreement fixes Synairgen's interest across all fibrotic
indications at cira 17% of all partnering proceeds.
Synairgen will have no further obligations to finance the
development of the programme candidates, but will continue to
provide technical support for the licensing process.
Pharmaxis will pay Synairgen GBP5 million cash in consideration
for the revised terms.
Richard Marsden, Chief Executive Officer of Synairgen, said:
"Under the existing collaboration, Synairgen generated excellent
data to support progression in the rare fibrotic lung disease
idiopathic pulmonary fibrosis (IPF) and Pharmaxis has focused on
the potentially larger indications of liver fibrosis (including
non-alcoholic steatohepatitis (NASH)), cardiac fibrosis and kidney
fibrosis. As we draw nearer to an optimal point for partnering the
programme, it is more effective and should be more value enhancing
to hand all control of the development to Pharmaxis to enable a
single point of focus for multi-indication partnering discussions.
Having previously been focused toward a lung-related partnering
transaction, this change in terms enables Synairgen to benefit
significantly from any licence(s) in the non-lung related fibrosis
arena."
Synairgen has been successfully collaborating with Pharmaxis in
the research and development of a number of LOXL2 inhibitors over
the past two years. These inhibitors have reduced fibrosis in
Synairgen's primary human cell models (that use cells from patients
with fibrosis) and in in vivo models of fibrosis, clearly showing
the potential of the LOXL2 inhibitors.
This collaboration demonstrates the value of Synairgen's human
disease biobank approach to drug discovery and development.
Alongside progression of SNG001 into COPD, we will continue to
assess new opportunities where we can add and create value.
For further enquiries, please contact:
Synairgen plc
Richard Marsden, Chief Executive Officer
John Ward, Finance Director
Tel: + 44 (0) 23 8051 2800
finnCap
Geoff Nash, James Thompson (Corporate Finance)
Stephen Norcross, Simon Johnson (Corporate Broking)
Tel: + 44 (0) 20 7220 0500
Consilium Strategic Communications (Financial Media and
Investor
Relations)
Mary-Jane Elliott / Sukaina Virji / Laura Thornton
synairgen@consilium-comms.com
Tel: +44 (0) 20 3709 5701
Notes for Editors
About Synairgen
Synairgen is a respiratory drug discovery and development
company founded by University of Southampton Professors Stephen
Holgate, Donna Davies and Ratko Djukanovic. The business, focused
primarily on asthma and COPD, uses its differentiating human
biology BioBank platform and world-renowned international academic
KOL network to discover and develop novel therapies for respiratory
disease. Leveraging its scientific and clinical facilities at
Southampton General Hospital, the Company uses in vitro and ex vivo
models to progress opportunities into clinical development. The
BioBank of human samples is used in these models to increase
confidence in the likelihood of successful drug development. Core
to Synairgen's business strategy is the realisation of value via
licensing transactions. Synairgen has a relationship with
Pharmaxis, which is developing a number of oral LOXL2 inhibitors to
reduce fibrosis in patients across a number of indications,
including liver fibrosis (NASH) and idiopathic pulmonary fibrosis
(IPF). Synairgen is quoted on AIM (LSE: SNG). Synairgen is
progressing its SNG001 asset towards a Phase 2 in COPD. For more
information about Synairgen, please see www.synairgen.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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