Prima BioMed Announces Second Milestone Payment for IMP701 Program
July 16 2017 - 8:37PM
Prima BioMed Ltd (ASX:PRR) (NASDAQ:PBMD) (“Prima” or the “Company”)
today announced it will receive a second undisclosed significant
clinical milestone payment from Novartis, based on the
collaboration and licensing agreement between the companies,
relating to Prima’s IMP701 LAG-3 antibody (also referred to as
LAG525). The LAG525 antibody is currently being evaluated in
clinical trials together with Novartis’ PD1 inhibitor PDR001 for
the treatment of cancer. Novartis has full responsibility for
the continued development of the antibody program and Prima is
eligible to receive further potential development-based milestone
payments and royalties on sales following commercialisation of the
products. Mr. Marc Voigt, CEO of Prima, commented, "We are very
pleased by the progression of the LAG525 program. It is
wonderful to see our commercial partners continuing to progress the
development of LAG-3 products. This announcement, together with the
other clinical and non-clinical data published regarding other
LAG-3 directed drug development programs over the past twelve
months is very encouraging."
About IMP701
IMP701 is a therapeutic antibody originally developed by Immutep
S.A.S to target LAG-3. This antagonist antibody plays a role in
controlling the signalling pathways in both effector T cells and
regulatory T cells (Treg). The antibody works to both activate
effector T cells (by blocking inhibitory signals that would
otherwise switch them off) and at the same time inhibit Treg
function that normally prevent T cells from responding to antigen
stimulation. The antibody therefore removes two brakes that
prevent the immune system from responding to and killing cancer
cells. In contrast, some other checkpoint antibodies in development
target only the effector T cell pathway and don’t address the Treg
pathway.
IMP701 was licensed to CoStim Pharmaceuticals in 2012 which was
subsequently acquired by Novartis in 2014.
About Prima BioMed
Prima BioMed is listed on the Australian
Securities Exchange and on the NASDAQ in the US. For further
information please visit www.primabiomed.com.au.
For further information please contact:
Australian Investors/Media:
Mr Matthew Gregorowski, Citadel-MAGNUS
+61 2 8234 0105; mgregorowski@citadelmagnus.com
U.S. Investors:
Matthew Beck, The Trout Group LLC
+1 (646) 378-2933; mbeck@troutgroup.com
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