Idera Pharmaceuticals and Vivelix Pharmaceuticals, Ltd. Enter Into Exclusive License Agreement for the Worldwide Rights to IM...
November 28 2016 - 7:00AM
Idera Pharmaceuticals, Inc. (NASDAQ:IDRA), and Vivelix
Pharmaceuticals, Ltd. today announced that they have entered into
an exclusive license and collaboration agreement granting Vivelix
worldwide rights to develop and market IMO-9200, an antagonist of
TLR 7,8 and 9, for non-malignant gastrointestinal disorders.
As part of the agreement, Idera has agreed to create and
characterize potential back-up compounds for Vivelix.
“We are excited to acquire an asset as innovative and
potentially transformational as IMO-9200,” stated Bill Forbes,
President & CEO at Vivelix Pharmaceuticals Ltd. “All of us at
Vivelix look forward to developing this potentially life-changing
therapy for patients suffering from gastrointestinal diseases.”
“The team at Vivelix has a tremendous track record in successful
development and marketing of products in the gastrointestinal
disease category,” stated Vincent Milano, Idera’s Chief Executive
Officer. “We are pleased to be able to enter into this agreement
with a team that we are confident can guide IMO-9200 through the
next phases of development and ultimately into the hands of
physicians and patients suffering from these severe, debilitating
conditions.”
Under the terms of the agreement, Idera will receive an upfront
fee of $15 million. In addition, Idera will be eligible for
future IMO-9200 related development, regulatory and sales milestone
payments totaling up to $140 million, and escalating royalties
ranging from the mid single-digits to low double-digits of global
net sales. Additionally, under the terms of the agreement and
if requested by and at Vivelix’s expense, Idera is responsible for
developing potential back-up compounds to IMO-9200. As it
relates to back-up compounds Idera will be eligible for related
development, regulatory sales and milestone payments totaling up to
$52.5 million and escalating royalties ranging from the mid
single-digits to low double-digits of global net sales.
About
IMO-9200
IMO-9200 is an orally delivered, synthetic oligonucleotide-based
antagonist of toll-like receptor (TLR) 7,8 and 9. IMO-9200 had
demonstrated activity in several pre-clinical studies of disorders
characterized by acute and chronic inflammation in the
gastrointestinal tract. Additionally, IMO-9200 was
demonstrated to be safe and tolerable in a Phase 1 clinical trial
in healthy subjects.
About Idera
Pharmaceuticals
Idera Pharmaceuticals is a clinical-stage biopharmaceutical company
developing novel nucleic acid-based therapies for the treatment of
certain cancers and rare diseases. Idera’s proprietary technology
involves using a TLR-targeting technology, to design synthetic
oligonucleotide-based drug candidates to act by modulating the
activity of specific TLRs. In addition to its TLR programs, Idera
has created a third generation antisense technology platform using
its proprietary technology to inhibit the production of
disease-associated proteins by targeting RNA. To learn more about
Idera, visit www.iderapharma.com.
About Vivelix Pharmaceuticals Ltd.Vivelix
Pharmaceuticals, Ltd. is a newly formed, privately held specialty
pharmaceutical company focused on licensing, developing and
commercializing gastroenterology and hepatology drugs.
Staffed by an experienced management team, Vivelix was founded in
2016 by seven former employees of Salix Pharmaceuticals, Inc., a
specialty gastroenterology/hepatology company. The Vivelix
team brings nearly 150 collective years of drug development and
commercialization experience, with more than 10 drug approvals and
accompanying product launches in gastroenterology and hepatology.
To learn more about Vivelix, please visit www.vivelix.com.
Forward Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, included or incorporated
in this press release, including statements regarding the Company's
strategy, future operations, collaborations, intellectual property,
cash resources, financial position, future revenues, projected
costs, prospects, plans, and objectives of management, are
forward-looking statements. The words "believes," "anticipates,"
"estimates," "plans," "expects," "intends," "may," "could,"
"should," "potential," "likely," "projects," "continue," "will,"
and "would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Idera cannot guarantee
that it will actually achieve the intentions or expectations of the
transaction disclosed herein and you should not place undue
reliance on the Company's forward-looking statements. There are a
number of important factors that could cause Idera's actual results
to differ materially from those indicated or implied by its
forward-looking statements. Factors that may cause such a
difference include: whether products based on Idera's IMO-9200
technology will advance into or through the clinical trial process
on a timely basis or at all and receive approval from the United
States Food and Drug Administration or equivalent foreign
regulatory agencies; whether, if the products receive approval,
they will be successfully distributed and marketed by Vivelix; and
such other important factors as are set forth under the caption
"Risk Factors" in the Company's Annual Report and on Form 10-Q for
the period ended September 30, 2016. Although Idera may elect to do
so at some point in the future, the Company does not assume any
obligation to update any forward-looking statements and it
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Investor and Media Contacts
For Idera:
Robert Doody
Vice President, Investor Relations and Corporate Communications
Office: 617-679-5515
Mobile: 484‐639‐7235
rdoody@iderapharma.com
For Vivelix:
Daniel P. Lundberg
Chief Marketing Officer
Office: 984-204-7535
ir@vivelix.com
Vivelix Pharmaceuticals Ltd., Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda
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