Xenetic Biosciences Enters Into Sublicense Agreement Related to its PolyXen™ Technology with Baxalta Inc., a Wholly-owned S...
November 02 2017 - 8:05AM
Business Wire
– Xenetic to receive one-time payment of $7.5M
and single digit royalty payments based upon net sales –
Xenetic Biosciences, Inc. (NASDAQ: XBIO) (“Xenetic” or the
“Company”), a clinical-stage biopharmaceutical company focused on
the discovery, research and development of next-generation biologic
drugs and novel orphan oncology therapeutics, announced today that
it has entered into a Right to Sublicense Agreement with Baxalta
Incorporated, Baxalta US Inc., and Baxalta GmbH (collectively, with
their affiliates, “Baxalta”), wholly-owned subsidiaries of Shire
plc (LSE: SHP, NASDAQ: SHPG). Pursuant to the Sublicense Agreement,
Xenetic granted to Baxalta the right to grant a nonexclusive
sublicense to certain patents related to the Company’s PolyXen™
technology that were previously exclusively licensed to Baxalta
pursuant to an agreement between the Company and Baxalta in
connection with products relating to the treatment of blood and
bleeding disorders.
As part of the Sublicense Agreement, Baxalta agreed to pay
Xenetic a one-time payment of $7.5 million and single digit royalty
payments based upon net sales of the products covered under the
sublicense throughout the term of the agreement.
“We are pleased to have entered this agreement with Baxalta and
believe this transaction represents validation of the value of the
comprehensive IP portfolio established surrounding our proprietary
PolyXen platform technology,” said Jeffrey Eisenberg, Chief
Executive Officer of Xenetic Biosciences. “This is an exciting
advancement for the Company given the immediate non-dilutive
funding it provides, but more importantly, the longer-term
potential of this agreement which we expect to drive significant
value for Xenetic over time.”
This press release is not intended to describe this transaction
in its entirety and readers are encouraged to review the Form 8-K
the Company filed with the Securities and Exchange Commission
today.
About Xenetic Biosciences
Xenetic Biosciences, Inc. is a clinical-stage biopharmaceutical
company focused on the discovery, research and development of
next-generation biologic drugs and novel orphan oncology
therapeutics. Xenetic's lead investigational product candidate is
oncology therapeutic XBIO-101 (sodium cridanimod) for the treatment
of progesterone resistant endometrial cancer. Xenetic's proprietary
drug development platforms include PolyXen, which enables
next-generation biologic drugs by improving their half-life and
other pharmacological properties.
Xenetic is party to an agreement with Baxalta US Inc. and
Baxalta AB (wholly owned subsidiaries of Shire plc) covering the
development of a novel series of polysialylated blood coagulation
factors. This collaboration relies on Xenetic's PolyXen technology
to conjugate polysialic acid (“PSA”) to therapeutic blood-clotting
factors, with the goal of improving the pharmacokinetic profile and
extending the active life of these biologic molecules. Shire is a
significant stockholder of the Company, having invested $10 million
in the Company during 2014. The agreement is an exclusive research,
development and license agreement which grants Shire a worldwide,
exclusive, royalty-bearing license to Xenetic's PSA patented and
proprietary technology in combination with Shire's proprietary
molecules designed for the treatment of blood and bleeding
disorders. The first program under this agreement was a next
generation Factor VIII, and this program was terminated by Shire
following a Phase 1/2 clinical trial. Xenetic and Shire are
currently exploring whether to engage in further development of
other blood coagulation factors. Additionally, Xenetic has
previously received strategic investments from OPKO Health (Nasdaq:
OPK), Serum Institute of India Limited and PJSC Pharmsynthez.
For more information, please visit the Company's website
at www.xeneticbio.com and connect on Twitter, LinkedIn,
Facebook and Google+.
Forward-Looking Statements
This press release contains forward-looking statements for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements contained in this
press release other than statements of historical facts may
constitute forward-looking statements within the meaning of the
federal securities laws. These statements can be identified by
words such as "expects," "plans," "projects," "will," "may,"
"anticipates," "believes," "should," "intends," "estimates," and
other words of similar meaning, including statements regarding
changes to the proposals included in the Company’s proxy statement
and the Company’s plans to amend or supplement its proxy statement.
Any forward-looking statements contained herein are based on
current expectations, and are subject to a number of risks and
uncertainties. Many factors could cause our actual activities or
results to differ materially from the activities and results
anticipated in forward-looking statements. These risks and
uncertainties include those described in the "Risk Factors" section
of the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2016 and filed with the Securities and Exchange
Commission on March 31, 2017, and subsequent reports that it may
file with the Securities and Exchange Commission. In addition,
forward-looking statements may also be adversely affected by
general market factors, competitive product development, product
availability, federal and state regulations and legislation, the
regulatory process for new product candidates and indications,
manufacturing issues that may arise, patent positions and
litigation, among other factors. The forward-looking statements
contained in this press release speak only as of the date the
statements were made, and the Company does not undertake any
obligation to update forward-looking statements, except as required
by law.
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Jenene Thomas Communications, LLC.Jenene Thomas,
908-938-1475jenene@jenenethomascommunications.com
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