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Pfizer License Extension

Date : 04/05/2011 @ 07:00
Source : UK Regulatory (RNS & others)
Stock : Pfizer (PFZ)
Quote : 18.78  0.0 (0.00%) @ 05:00

Pfizer License Extension

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RNS Number : 8600F

Oxford Biomedica PLC

04 May 2011

OXFORD BIOMEDICA BROADENS 5T4 ANTIBODY COLLABORATION WITH PFIZER

-- Diagnostic rights secured for Investigational New Drug application --

Oxford, UK - 4 May 2011: Oxford BioMedica plc ("Oxford BioMedica" or "the Company") (LSE: OXB), a leading gene therapy company, today announces that it has signed an amendment to broaden its licensing agreement with Pfizer Inc. (NYSE: PFE) regarding the development of therapeutic products which target the Company's proprietary 5T4 tumour antigen for the treatment of cancer. The amended agreement grants Pfizer non-exclusive rights for the diagnostic use of 5T4 antibodies and includes an option for commercialisation of a 5T4-based diagnostic. Oxford BioMedica will receive additional proceeds of up to US$4 million in upfront, development and commercial milestone payments, in addition to revenues from further commercialisation.

This amendment directly relates to Pfizer's on-going development of a 5T4-targeted antibody therapy. The original licensing agreement with Wyeth (acquired by Pfizer in 2009), entered into in 2001, included the exclusive, global right to market antibodies targeting the 5T4 tumour antigen for all human cancer indications. Prior to today's amendment, the potential value of the agreement for Oxford BioMedica was US$24 million, which comprises upfront payments, license option fees and milestone payments that are subject to the achievement of certain project objectives. Additionally, under the agreement, Oxford BioMedica will receive royalties on sales of products targeting the proprietary 5T4 antigen that are developed and commercialized by Pfizer. The next milestone payment to Oxford BioMedica would be due if Pfizer initiates clinical trials.

John Dawson, Chief Executive Officer of Oxford BioMedica, said: "We believe this extension to the collaboration agreement reiterates Pfizer's continued commitment to develop product strategies to target our proprietary 5T4 tumour antigen for the treatment of cancer."

-Ends-

 
 For further information, please contact: 
 Oxford BioMedica plc:                          Tel: +44 (0)1865 783 000 
  Lara Mott, Head of Corporate Communications 
 Media Enquiries:                               Tel: +44 (0)20 7920 2342 
  Emma Thompson/Amber Bielecka/Katja 
  Toon 
  M:Communications 
 

Notes to editors

1. Oxford BioMedica(R)

Oxford BioMedica plc (LSE: OXB) is a biopharmaceutical company developing innovative gene-based medicines and therapeutic vaccines that aim to improve the lives of patients with high unmet medical needs. The Company's technology platform includes a highly efficient LentiVector(R) gene delivery system, which has specific advantages for targeting diseases of the central nervous system and the eye; and a unique tumour antigen (5T4), which is an ideal target for anti-cancer therapy. Through in-house and collaborative research, Oxford BioMedica has a broad pipeline and its partners include sanofi-aventis, Sigma-Aldrich and Pfizer. Further information is available at www.oxfordbiomedica.co.uk.

2. Targeted Antibody Therapy

The 5T4 tumour antigen is a unique protein found on most common types of solid cancer, which makes it a potentially valuable target for novel anti-cancer interventions. The 5T4-targeted antibody therapy is a humanised monoclonal antibody linked to a potent anti-cancer agent. The product binds to the 5T4 antigen on the surface of cancerous cells. Once bound, the complex is internalised by the tumour cell, the anti-cancer agent is released from the antibody, and the free drug kills the cancerous cell.

3. Pfizer

Pfizer is one of the world's largest research-based pharmaceutical companies. It has a leading portfolio of products and medicines that support wellness and prevention, as well as treatment and cures for diseases across a broad range of therapeutic areas.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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