PHILADELPHIA, Aug. 7, 2019 /PRNewswire/ -- Aevi Genomic
Medicine, Inc. (NASDAQ: GNMX, "Aevi") today announced that it has
obtained the right to exercise an exclusive global license for
MEDI2338, a Phase 2-ready fully human monoclonal antibody (mAb)
that targets interleukin 18 (IL-18). The Company plans to initially
develop MEDI2338 for adult onset Still's disease (AOSD), a serious
rare and orphan rheumatological disease with no currently approved
biologic therapies in the US. Further development for several
other rare autoinflammatory disorders that are driven by IL-18 will
follow.
Under the terms of the agreement, Aevi will have the right to
exercise an exclusive global license to develop and commercialize
MEDI2338. The Company will pay a combined mid-single digit
millions in cash and equity upon exercise of the option, up to
$162 million upon achievement of
certain development and sales-related milestones and tiered low
double-digit royalties on global annual product sales. Exercising
the option is contingent on Aevi securing additional funding. The
Company will be fully responsible for the development and
commercialization of the program.
"We are very excited to license this program from AstraZeneca
and look forward to advancing this potential rare disease therapy
into clinical development," said Garry
Neil, M.D., Chief Scientific Officer at Aevi Genomic
Medicine. "AOSD is a rare, life-altering inflammatory disease
characterized by fevers, rash and joint pain and striking elevation
of IL-18. Many patients also suffer liver, cardiopulmonary
and renal complications. Patients have limited available
therapeutic options. Because IL-18 appears to play a central
role in the disease, we believe that MEDI2338 could prove to be an
effective treatment for these patients. A clear mechanism of
action and safety profile have already been established in
patients."
About Adult Onset Still's Disease (AOSD)
Adult onset Still's disease (AOSD) is a
rare and severe autoinflammatory disease affecting
adults. The disease is similar to systemic onset juvenile
idiopathic arthritis (sJIA), that affects children. The
etiology of AOSD is unknown with both genetic and infectious
factors being implicated. The hallmarks of the disease are
persistent daily fever, rash and arthralgias. Many patients
suffer complications including splenomegaly, heart and liver
disease. Some AOSD patients develop macrophage activation
syndrome, a severe acute complication that may cause rapid
multi-organ failure and even death.
About MEDI2338
MEDI2338 is a fully human anti-IL-18 monoclonal antibody which
binds IL-18. Aevi Genomic Medicine will exclusively license the
composition of matter patents, and the Company expects to establish
new biological product exclusivity for 12 years from the date of
FDA approval of the antibody in the U.S., and at least 10 years
from the date of first authorization in Europe.
About Aevi Genomic Medicine, Inc.
Aevi Genomic Medicine, Inc. is dedicated to unlocking the
potential of genomic medicine to translate genetic discoveries into
novel therapies. Driven by a commitment to patients with pediatric
onset life-altering diseases, the Company's research and
development efforts include working with the Center for Applied
Genomics (CAG) at Children's Hospital of Philadelphia (CHOP) to leverage novel genetic
discoveries to progress our genomic medicine strategy
Forward-looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995, which
include all statements other than statements of historical fact,
including (without limitation) those regarding the Company's
financial position, its development and business strategy, its
product candidates and the plans and objectives of management for
future operations. The Company intends that such forward-looking
statements be subject to the safe harbors created by such laws.
Forward-looking statements are sometimes identified by their use of
the terms and phrases such as "estimate," "project," "intend,"
"forecast," "anticipate," "plan," "planning, "expect," "believe,"
"will," "will likely," "should," "could," "would," "may" or the
negative of such terms and other comparable terminology. All such
forward-looking statements are based on current expectations and
are subject to risks and uncertainties. Should any of these risks
or uncertainties materialize, or should any of the Company's
assumptions prove incorrect, actual results may differ materially
from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these
forward-looking statements, which speak only as of the date made.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
As a result of these factors, the events described in the
forward-looking statements contained in this release may not
occur.
CONTACT:
Aevi Genomic Medicine,
Inc.
Mike Cola
Mike.cola@aevigenomics.com
Westwicke Partners
Chris Brinzey
+1-339-970-2843
Chris.brinzey@westwicke.com
MEDIA
INQUIRIES:
FTI Consulting
Irma
Gomez-Dib
+1-212-850-5761
+1-415-706-9155
http://irma.gomez-dib@fticonsulting.com
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SOURCE Aevi Genomic Medicine, Inc.