LONDON (Alliance News) - Investment company Imperial Innovations Group PLC on Thursday said portfolio company PsiOxus Therapeutics has signed a collaboration agreement with US pharmaceutical company Bristol-Myers Squibb Co.
PsiOxus and Bristol-Myers will evaluate the combination of PsiOxus's enadenotucirev, an oncolytic adenovirus therapeutic, in combination of Bristol-Myers's Opdivo tumour treatment.
Bristol-Myers will make a USD10.0 million one-time upfront payment to PsiOxus, and the pair will share development costs on the collaboration.
Imperial holds a 28% stake in PsiOxus.
"This collaboration is significant because, over and above the upfront payment, Bristol-Myers Squibb is jointly funding the costs of an expanded range of clinical trials. Both parties will learn more about enadenotucirev's potential to work in combination with checkpoint inhibitors and there is an exclusive period for Bristol-Myers Squibb to negotiate commercial rights to enadenotucirev," said Imperial Chief Executive Russ Cummings.
Shares in Imperial were down 0.6% to 462.42 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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