— 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.”