Medivation Enters Into License Agreement With OncoFusion for Compounds Targeting Bromodomain Proteins
April 23 2014 - 4:10PM
Marketwired
Medivation Enters Into License Agreement With OncoFusion for
Compounds Targeting Bromodomain Proteins
SAN FRANCISCO, CA and ANN ARBOR, MI--(Marketwired - Apr 23,
2014) - Medivation, Inc. (NASDAQ: MDVN) and OncoFusion
Therapeutics, Inc. today announced that they have entered into a
research and license agreement for certain compounds targeting
Bromodomain and Extra-Terminal (BET) proteins for potential use in
oncology and other disease areas. Medivation will gain exclusive
worldwide rights for the development and commercialization of these
compounds. Under the terms of the agreement, Medivation shall have
access to OncoFusion's growing library of small molecule BET
bromodomain inhibitor compounds from which Medivation may select
compounds to move forward into drug development efforts.
OncoFusion is eligible to receive undisclosed upfront payments
and potential future milestone payments subject to achievement of
defined clinical and commercial milestone events. In addition,
OncoFusion shall be eligible to receive royalties on the commercial
sale of approved products as defined in the agreement. Further
financial details were not disclosed.
"BET bromodomain proteins are emerging as an important new class
of pharmacological targets with broad potential applications in
oncology and other diseases," said David Hung, M.D., president and
chief executive officer of Medivation. "We intend to expand our
footprint in cancer by developing improved next generation
therapies based upon cutting edge technologies like the one we have
licensed from OncoFusion."
"This agreement with Medivation provides us with the opportunity
to accelerate research and development exploring the role of BET
bromodomain proteins in oncology," said Arul M. Chinnaiyan, M.D.,
Ph.D., co-founder of OncoFusion Therapeutics, Inc., director of the
Michigan Center for Translational Pathology and S.P. Hicks
Professor of Pathology at the University of Michigan Medical
School. "OncoFusion is committed to discover and develop innovative
and personalized medicines for oncology, and through collaborations
with partners like Medivation, we can fulfill that commitment,"
added Shaomeng Wang, Ph.D., co-founder of OncoFusion Therapeutics,
Inc. and Warner-Lambert/Parke-Davis Professor in Medicine and
Director of the Center for Discovery of New Medicines at the
University of Michigan.
About BET bromodomain Proteins
BET bromodomain proteins regulate gene expression and have been
shown to play a critical role in cancer and other diseases.
Emerging research in the area of cancer biology suggests that
targeting epigenetic regulators such as the bromodomain family of
proteins may reduce the growth of a number of tumor types including
certain hematological and solid tumors. Recent preclinical data
published in Nature1 reported that targeting BET
bromodomain proteins may have therapeutic potential in
castration-resistant prostate cancer that is resistant to current
treatments.
1 Chinnaiyan, et al. Therapeutic Targeting of BET Bromodomain
Proteins in Castration-Resistant Prostate Cancer, Nature,
DOI: 10.1038/nature13229, published online April 23, 2014.
About Medivation
Medivation, Inc. is a biopharmaceutical company focused on the
rapid development of novel therapies to treat serious diseases for
which there are limited treatment options. Medivation aims to
transform the treatment of these diseases and offer hope to
critically ill patients and their families. For more information,
please visit us at www.medivation.com.
About OncoFusion, Inc.
OncoFusion Therapeutics is a privately-held company, which was
founded in 2012 by Arul M. Chinnaiyan, M.D., Ph.D., Shaomeng Wang,
Ph.D., Kenneth J. Pienta, M.D. at the University of Michigan.
OncoFusion's mission is to discover and develop the next generation
of personalized therapeutics for patients with genetically defined
cancers. For more information, visit www.oncofusion.com.
Forward-Looking Statement Disclaimer
The statements in this press release regarding the actions that
Medivation and OncoFusion expect to take under the research and
license agreement, and the potential for identifying new treatments
for oncology are forward-looking statements that are subject to
risks and uncertainties. Actual results may differ substantially
for a number of reasons, including, but not limited to: the
development of new drug compounds is a lengthy, expensive and
uncertain process; the process of obtaining regulatory approval is
uncertain, and may not be completed; benefits expected as a result
of early studies may not materialize in later, more extensive
studies; and other risks detailed under the caption "Risk Factors"
in Medivation's Annual Report on Form 10-K, filed with the
Securities and Exchange Commission on February 27, 2014. Medivation
undertakes no obligation to update these forward-looking statements
other than as required by law.
Contacts: Anne Bowdidge Sr. Director, Investor Relations (650)
218-6900
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