Codexis Announces Purchase Agreement with Nestlé Health Science for CDX-7108
December 27 2023 - 8:30AM
Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company,
today announced it has entered into a purchase agreement with
Nestlé Health Science, a globally recognized leader in the field of
nutritional science, for CDX-7108, an investigational therapy for
the potential treatment of exocrine pancreatic insufficiency (EPI).
Under the terms of the agreement, Codexis will receive up to $45M
in potential milestone payments, including a $5M upfront payment,
as well as single-digit net-sales-based royalties. Codexis will
receive up to an additional $5M if Nestlé Health Science exercises
an option to purchase two additional early-stage enzymes being
developed for EPI. Nestlé Health Science will be solely responsible
for the continued development and commercialization of CDX-7108,
including all associated costs.
“This agreement solidifies the future
development of CDX-7108—a potential new therapy that could be added
to the treatment armamentarium for patients with exocrine
pancreatic insufficiency—and enables Codexis to focus resources on
the advancement of our ECO Synthesis™ platform and the return to
growth of our Pharmaceutical Manufacturing business,” said Stephen
Dilly, MBBS, PhD, Chief Executive Officer of Codexis. “Preliminary
data from the CDX-7108 Phase I study announced earlier this year
support continued investigation into Phase II clinical studies. We
believe that CDX-7108 could represent a meaningful advance in the
standard of care for patients, and we are pleased to retain an
economic interest in the program as Nestlé continues
development.”
Codexis and Nestlé Health Science completed
pre-clinical work for CDX-7108 and a Phase I clinical trial under
the terms of a previous agreement. With this asset purchase
agreement, Nestlé Health Science may continue advancing the
compound through the development process.
About CDX-7108CDX-7108 is a
lipase variant specifically engineered to overcome the limitations
of traditional pancreatic enzyme replacement therapy (PERT)
deficiencies. PERT is the main treatment for exocrine pancreatic
insufficiency (EPI), a debilitating condition of the
gastrointestinal tract that is caused by conditions that impair
pancreatic function, such as pancreatitis, pancreatic cancer,
Cronh’s disease, celiac disease and cystic fibrosis. CDX-7108 was
engineered to be highly stable to the acidic conditions of the
stomach and resistant to proteases in the upper intestines.
Preliminary data from an interim analysis of the Phase I study
proof-of-concept arm supported continued investigation into Phase
II clinical studies.
About Nestlé Health
ScienceNestlé Health Science, a leader in the science of
nutrition and gastrointestinal health, is a globally managed
business unit of Nestlé. The company is committed to
redefining the management of health, offering an extensive
portfolio of science-based nutritional products for patients and
consumers. Nestlé Health Science’s trusted relationship with the
healthcare professional community and significant commercial
capabilities provide the foundation for continued growth of its
marketed portfolio of pharmaceutical products including the
successful launch in 2023 of a microbiome-based therapeutic.
About CodexisCodexis is a
leading enzyme engineering company leveraging its proprietary
CodeEvolver® technology platform to discover, develop and enhance
novel, high-performance enzymes and other classes of proteins.
Codexis enzymes solve for real-world challenges associated with
small molecule pharmaceuticals manufacturing and nucleic acid
synthesis. The Company is currently developing its proprietary ECO
Synthesis™ platform to enable the scaled manufacture of RNAi
therapeutics through an enzymatic route. Codexis’ unique enzymes
can drive improvements such as higher yields, reduced energy usage
and waste generation, improved efficiency in manufacturing and
greater sensitivity in genomic and diagnostic applications. For
more information, visit www.codexis.com.
Codexis Forward-Looking
StatementsThis press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. In some cases, you can identify
forward-looking statements by terminology such as “aim,”
“anticipate,” “assume,” “believe,” “contemplate,” “continue,”
“could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,”
“may,” “objective,” “plan,” “positioned,” “potential,” “predict,”
“seek,” “should,” “suggest,” “target,” “on track,” “will,” “would”
and other similar expressions that are predictions of or indicate
future events and future trends, or the negative of these terms or
other comparable terminology. To the extent that statements
contained in this press release are not descriptions of historical
facts, they are forward-looking statements reflecting the current
beliefs and expectations of management, including but not limited
to statements regarding the anticipated potential benefits of the
purchase agreement, such as the anticipated development and
commercial milestone payments, which are dependent, in part, on the
efforts of Nestlé Health Science to continue the development and
commercialization of CDX-7108. You should not place undue reliance
on these forward-looking statements because they involve known and
unknown risks, uncertainties and other factors that are, in some
cases, beyond Codexis’ control and that could materially affect
actual results. Factors that could materially affect actual results
include, among others: Codexis’ dependence on its licensees and
collaborators; if any of its collaborators terminate their
development programs under their respective license agreements with
Codexis; Codexis may need additional capital in the future in order
to expand its business; if Codexis is unable to successfully
develop new technology such as its ECO Synthesis™ platform;
Codexis' dependence on a limited number of products and customers,
and potential adverse effects to Codexis’ business if its
customers’ products are not received well in the markets; if
Codexis is unable to develop and commercialize new products for its
target markets; if competitors and potential competitors who have
greater resources and experience than Codexis develop products and
technologies that make Codexis’ products and technologies obsolete;
if Codexis is unable to accurately forecast financial and
operational performance; and market and economic conditions may
negatively impact Codexis' business, financial condition and share
price. Additional information about factors that could materially
affect actual results can be found in Codexis’ Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on February 27, 2023, and in Codexis’ Quarterly Report on Form 10-Q
filed with the SEC on November 3, 2023, including under the caption
“Risk Factors,” and in Codexis’ other periodic reports filed with
the SEC. Codexis expressly disclaims any intent or obligation to
update these forward-looking statements, except as required by
law.
For More Information
Investor ContactCarrie McKim(336)
608-9706ir@codexis.com
Media ContactLauren Musto(781)
572-1147media@codexis.com
Codexis (NASDAQ:CDXS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Codexis (NASDAQ:CDXS)
Historical Stock Chart
From Jul 2023 to Jul 2024