RE: Pharma12 Jun 2019 20:00
In May 2018 the Company announced a Development Agreement ("Agreement") with a global biopharmaceutical company for the development of the Company's CDX antibodies. The Company is pleased to report that the development of CDX antibodies under the Agreement is progressing well, and the Company has initiated preliminary discussions with the partner regarding a potential licensing deal.
Under the Agreement, Hemogenyx will receive on a cost-free basis technical support; access to advanced methods of discovering, developing and engineering antibodies; and certain intellectual property which is expected to assist the successful preclinical development of the Company's lead candidate bi-specific CDX antibodies. This will complement the Company's own development work currently being undertaken.
Also, Hemogenyx will grant the global pharmaceutical company a research licence for anything jointly developed under the Agreement, as well as an option for an exclusive worldwide licence to commercially exploit CDX antibodies or any variants which will be jointly developed. If such option is not exercised by the global pharmaceutical company, the Company has the option to license the jointly developed CDX antibodies or any variants.
Hemogenyx is already benefitting from the Agreement as its partner has produced good bi-specific antibodies which appear to be clinical grade, and further discussions will clarify their intentions. The Directors believe that either way Hemogenyx will benefit.