Aphton (NASDAQ:APHT)
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Aphton Corporation (NASDAQ:APHT) announced the formal
completion of two agreements with Celltrion, Inc., South Korea for the
licensing and commercialization and the product development and
manufacturing of Aphton's clinical product candidate IGN311. IGN311, a
humanized monoclonal antibody targeting the Lewis Y antigen, is being
developed by Aphton's wholly-owned subsidiary, Igeneon AG, as a
potential new therapy for the treatment of cancer. Lewis Y is a
tumor-related antigen that is expressed in up to 90% of all epithelial
cancers, including breast, colon, gastric, and pancreatic cancers.
Under the agreements, Igeneon granted Celltrion a license to
commercialize IGN311 in certain Asian countries, including Japan. In
return, Igeneon will receive milestone payments and royalties from
Celltrion. In addition, Celltrion will provide development and
manufacturing services related to the optimization and upscaling of
IGN311 and will produce material for further clinical development.
Celltrion will have the option to manufacture IGN311 for global
commercialization.
"We are excited about the close cooperation of both companies and
about the progress made in the comprehensive work program laid out in
these agreements to advance the development of IGN311," commented
Patrick Mooney, MD, Chairman and Chief Executive Officer of Aphton.
"This deal validates the concept of our IGN311 anti-Lewis Y antibody,
and it allows us to advance the development of this product candidate
with a limited impact to our cash flow."
About IGN311
IGN311 is a humanized monoclonal antibody against the Lewis Y
carbohydrate antigen, a blood-group-related oligosaccharide. Lewis Y
is overexpressed in up to 90% of all epithelial cancers and its
expression on adult normal tissues is very restricted; hence IGN311
has the potential to target a broad range of carcinomas. IGN311 is
designed to exert clinical effects by destruction of tumor cells by
activation of effector functions and by selective growth inhibition
via functional receptors.
About Aphton
Aphton Corporation, headquartered in Philadelphia, Pennsylvania,
is a clinical stage biopharmaceutical company focused on developing
targeted immunotherapies for cancer. Aphton's products seek to empower
the body's own immune system to fight disease. Through the acquisition
of Igeneon AG in March 2005, Aphton acquired late-stage products,
IGN101, a cancer vaccine designed to induce an immune response against
EpCAM-positive tumor cells, as well as IGN311. Aphton has strategic
alliances with Xoma for treating gastrointestinal and other
gastrin-sensitive cancers using anti-gastrin monoclonal and other
antibodies; and Daiichi Pure Chemicals for the development,
manufacturing and commercialization of gastrin-related diagnostic
kits. Aphton's most advanced product, Insegia(TM), targets the
hormone, gastrin 17, in an attempt to treat gastrointestinal cancers.
Aphton is currently seeking partners to support the further
development of Insegia. For more information about Aphton or its
programs please visit Aphton's website at http://www.aphton.com.
Safe Harbor
This press release includes forward-looking statements within the
meaning of the federal securities laws, including statements about
Aphton's expectations regarding: (1) the potential benefits to Aphton
resulting from the licensing and commercialization agreements,
including Aphton's belief that the agreements advance the development
of IGN311 and that such advancement will have very little impact on
Aphton's cash flow; (2) the potential of IGN311 to target a broad
range of carcinomas, destroy tumor cells, and exert clinical effects
by destruction of tumor cells; (3) the Company's belief in gastrin as
a viable target in treating cancer; (4) the Company's expectation
regarding the purpose and effectiveness of fully-humanized monoclonal
antibodies, IGN101 and IGN311, and its cancer immunotherapy, Insegia;
and (5) Aphton's intent to seek partners to further support the
development of Insegia. These forward-looking statements may be
affected by risks and uncertainties that could cause the actual
results to differ materially from those expressed in such
forward-looking statements. Aphton undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date hereof. This information is qualified in its entirety by
cautionary statements and risk factor disclosure contained in Aphton's
Securities and Exchange Commission filings, including Aphton's report
on Form 10-K filed with the Commission on March 16, 2005. These risk
factors include, but are not limited to: (1) the risks and
uncertainties inherent in the drug development process and in Aphton's
and Igeneon's business; (2) the ability of Aphton and Celltrion to
successfully collaborate in the development of IGN311; (3) the timing
or results of ongoing and future clinical trials for IGN311; (4) the
ability of Aphton and Celltrion to obtain regulatory approval for
IGN311; (5) the ability of Celltrion and any approved third parties to
manufacture and supply IGN311 in commercial quantities; (6) the
ability of Aphton and Celltrion to gain commercial acceptance for
IGN311; (7) the ability of Aphton and Celltrion to fund the
development, manufacturing and commercialization of IGN311; (8)
Aphton's ability to find a partner who will support the further
development of Insegia; (9) intellectual property risks; (10) the
impact of competitive products and pricing; and (11) changing economic
conditions.