SAN DIEGO, Dec. 19, 2017 /PRNewswire/ -- Pfenex Inc.
(NYSE AMERICAN: PFNX) today announced the amendment of the 2016
agreement under which Pfenex granted Jazz Pharmaceuticals worldwide
rights to develop and commercialize multiple early stage hematology
product candidates.
Under the amended agreement, Pfenex will be eligible to receive
an additional $43.5 million in
amendment fee and development milestone payments as compared to the
2016 agreement, increasing the total value of upfront, option and
amendment fee payments and potential payments for the achievement
of development, regulatory and sales-related milestones associated
with the collaboration to an aggregate of $224.5 million. Pfenex will also continue
to be eligible to receive tiered royalties on worldwide sales of
any products resulting from the collaboration, at rates reduced
from those under the 2016 agreement.
Additionally, Pfenex announced today that, pursuant to the
amended agreement, in the fourth quarter it earned $18.5 million in connection with the
collaboration by achieving a $13.5
million development milestone and receiving a $5 million payment following signing of the
amended agreement. The remaining development, regulatory and
sales-related milestones that could potentially be earned total
$189.25 million.
"Our collaboration with Jazz Pharmaceuticals is mutually
beneficial and the updated agreement is another solid example of
the strong collaboration. We look forward to continuing our
relationship with Jazz on these assets in support of further
advancement in clinical development," said Eef Schimmelpennink,
Chief Executive Officer of Pfenex. "The collaboration also
illustrates the strength of the Pfenex production platform and the
differentiated programs it is able to generate. We look forward to
advancing our portfolio and to key milestones that are upcoming in
2018."
About Pfenex Inc.
Pfenex Inc. is a clinical-stage
biotechnology company developing complex therapeutic proteins.
Using the patented Pfenex Expression Technology® platform, the
Company has created an advanced pipeline of therapeutic
equivalents, vaccines, biologics and biosimilars. The Company's
lead product candidates are PF708, a therapeutic equivalent
candidate to Forteo® (teriparatide) for the treatment of
osteoporosis, and its novel anthrax vaccine candidates, Px563L and
RPA563, funded through an advanced development contract with the US
government. In addition, Pfenex is developing hematology/oncology
products in collaboration with Jazz Pharmaceuticals. Furthermore,
the Company's pipeline includes biosimilar candidates to Lucentis®
and Neulasta®.
Pfenex Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally
relate to future events or Pfenex's future financial or operating
performance. In some cases, forward-looking statements can be
identified because they contain words such as "may," "will,"
"should," "expects," "plans," "anticipates," "could," "intends,"
"target," "projects," "contemplates," "believes," "estimates,"
"predicts," "potential" or "continue" or the negative of these
words or other similar terms or expressions that concern Pfenex's
expectations, strategy, plans or intentions. Forward-looking
statements in this press release include, but are not limited to,
statements regarding Pfenex's future plans to develop, manufacture
and commercialize these product candidates; the potential to
receive future milestone and royalty payments under Pfenex's
agreements with Jazz Pharmaceuticals; and Pfenex's expectations to
advance its portfolio and achieve key milestones in 2018 . Actual
results may differ materially from those indicated by these
forward-looking statements as a result of the uncertainties
inherent in the clinical drug development process, including,
without limitation, challenges in successfully demonstrating the
efficacy and safety of product candidates; the pre-clinical and
clinical results for product candidates, which may not support
further development of product candidates or may require additional
clinical trials or modifications of ongoing clinical trials or
regulatory pathways; challenges related to commencement, patient
enrollment, completion, and analysis of clinical trials; Pfenex's
ability to obtain additional funding to support its business
activities and establish and maintain strategic business alliances
and new business initiatives; Pfenex's dependence on third parties
for development, manufacture, marketing, sales and distribution of
products; unexpected expenditures; and difficulties in obtaining
and maintaining intellectual property protection for product
candidates. Information on these and additional risks,
uncertainties, and other information affecting Pfenex's business
and operating results is contained in Pfenex's Quarterly Report on
Form 10-Q for the quarter ended September
30, 2017 and in Pfenex's subsequent reports filed with the
Securities and Exchange Commission. The forward-looking
statements in this press release are based on information available
to Pfenex as of the date hereof, and Pfenex disclaims any
obligation to update any forward-looking statements, except as
required by law.
Pfenex investors and others should note that Pfenex announces
material information to the public about Pfenex through a variety
of means, including its website (http://www.pfenex.com/), investor
relations website (http://pfenex.investorroom.com/), press
releases, SEC filings, public conference calls, corporate Twitter
account (https://twitter.com/pfenex), Facebook page
(https://www.facebook.com/Pfenex-Inc-105908276167776/timeline/),
and LinkedIn page (https://www.linkedin.com/company/pfenex-inc) in
order to achieve broad, non-exclusionary distribution of
information to the public and to comply with its disclosure
obligations under Regulation FD. Pfenex encourages its
investors and others to monitor and review the information Pfenex
makes public in these locations as such information could be deemed
to be material information. Please note that this list may be
updated from time to time.
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SOURCE Pfenex Inc.