XOMA Acquires Royalty and Milestone Interest in Checkmate’s Vidutolimod (CMP-001) from Kuros Biosciences
July 15 2021 - 4:00AM
XOMA Corporation (NASDAQ: XOMA), announced today it has acquired
the royalty interest position Kuros Biosciences holds in Checkmate
Pharmaceuticals’ vidutolimod (CMP-001), an advanced-generation
Toll-like receptor 9 agonist packaged in a virus-like particle, for
$7.0 million upfront plus sales milestones. Vidutolimod is
designed to trigger the body’s innate immune system to attack
tumors in combination with other therapies. The U.S. Food and
Drug Administration has granted Fast Track designation to
vidutolimod for the treatment of certain types of metastatic or
unresectable melanoma and an Orphan Drug designation for Stages IIb
- IV melanoma.
“We were drawn to vidutolimod because of the breadth of
Checkmate’s development activities,” said Jim Neal, Chief Executive
Officer at XOMA. “Checkmate currently is enrolling patients
in a study with anti-PD-1 refractory advanced melanoma in
combination with Bristol Myers Squibb’s Opdivo® (nivolumab), a PD-1
blocking antibody, that is designed to serve as a registrational
study. Checkmate also is pursuing a Phase 2/3 study in front
line melanoma patients in combination with Opdivo and a study in
patients with head and neck cancer and is planning a study in three
indications in collaboration with Regeneron in non-melanoma skin
cancers.”
Under the terms of the agreement, XOMA has acquired all future
potential royalties from commercial sales of vidutolimod, which are
tiered from high-single to double digits. XOMA could receive
up to $25 million in pre-commercial milestones associated with the
Kuros/Checkmate license agreement. Kuros will be eligible to
receive certain sales milestone payments from XOMA based on net
sales of vidutolimod.
About XOMA Corporation XOMA is a biotechnology
royalty aggregator playing a unique role in helping biotech
companies achieve their goal of improving human health. XOMA
acquires the potential future economics associated with
pre-commercial therapeutic candidates that have been licensed to
pharmaceutical or biotechnology companies. When XOMA acquires
the future economics, the seller receives non-dilutive,
non-recourse funding they can use to advance their internal drug
candidate(s) or for general corporate purposes. The Company
has an extensive and growing portfolio with more than 70 assets
(asset defined as the right to receive potential future economics
associated with the advancement of an underlying therapeutic
candidate). For more information about the Company and its
portfolio, please visit www.xoma.com.
Safe Harbor Statement Certain statements
contained in this press release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
statements regarding the potential of XOMA’s portfolio of partnered
programs and licensed technologies generating substantial milestone
and royalty proceeds over time, creating additional value for the
stockholders, cash sufficiency forecast, economic outlook, and
potential impact of the COVID-19 pandemic. These statements
are based on assumptions that may not prove accurate, and actual
results could differ materially from those anticipated due to
certain risks inherent in the biotechnology industry, including
those related to the fact that our product candidates subject to
out-license agreements are still being developed, and our licensees
may require substantial funds to continue development which may not
be available; we do not know whether there will be, or will
continue to be, a viable market for the products in which we have
an ownership or royalty interest; if the therapeutic product
candidates to which we have a royalty interest do not receive
regulatory approval, our third-party licensees will not be able to
market them, and the impact to the global economy as a result of
the COVID-19 pandemic. Other potential risks to XOMA meeting
these expectations are described in more detail in XOMA's most
recent filing on Form 10-K and in other SEC filings. Consider
such risks carefully when considering XOMA's prospects. Any
forward-looking statement in this press release represents XOMA's
views only as of the date of this press release and should not be
relied upon as representing its views as of any subsequent
date. XOMA disclaims any obligation to update any
forward-looking statement, except as required by applicable
law.
EXPLANATORY NOTE: Any references to “portfolio” in this press
release refer strictly to milestone and/or royalty rights
associated with a basket of drug products in development. Any
references to “assets” in this press release refer strictly to
milestone and/or royalty rights associated with individual drug
products in development. References to royalties or royalty
rates strictly refer to future potential payment streams regardless
of whether or not they are technically defined as royalties in the
underlying contractual agreement; further, any rates referenced
herein are subject to potential future contractual adjustments.
As of the date of this press release, all assets in XOMA’s
milestone and royalty portfolio, including vidutolimod, are
investigational compounds. Efficacy and safety have not been
established. There is no guarantee that any of these assets
will become commercially available.
Investor contacts:Gitanjali JainSolebury
Trout+1-646-378-2949gogawa@soleburytrout.com |
|
Juliane SnowdenXOMA+1 646-438-9754juliane.snowden@xoma.com |
|
|
|
Media contact: Kathy Vincent KV
Consulting & Management 310-403-8951
kathy@kathyvincent.com |
|
|
|
|
|
XOMA (NASDAQ:XOMA)
Historical Stock Chart
From Mar 2024 to Apr 2024
XOMA (NASDAQ:XOMA)
Historical Stock Chart
From Apr 2023 to Apr 2024