NEWARK, Calif., Sept. 30, 2019 (GLOBE NEWSWIRE) -- Teneobio, Inc., a clinical-stage biotechnology company developing engineered bispecific antibodies for the treatment of cancer announced today that as a result of its work with scientists from Janssen Research & Development, LLC, Janssen Biotech, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, has elected to exercise a commercial option to license and advance an undisclosed multispecific product for development in an oncology indication. Under the terms of the collaboration agreement, which was first announced in Q3 of 2018, Janssen will receive exclusive global licensing rights to the multispecific product for clinical development and commercialization. Teneobio will receive a milestone payment from Janssen for the commercial license and is eligible for additional development and commercial milestones as well as royalties on world-wide net sales of the multispecific product.
Omid Vafa, CBO of Teneobio, Inc., added, "We are very pleased with the outcome of our collaboration with the Janssen R&D oncology team. The rapid advance of our program from discovery to preclinical proof-of-concept in less than a year and a half is a testament to Teneobio's technology platforms and speed to enable drug discovery and to deliver. Janssen's collaborative spirit allowed both teams to rapidly advance the multispecific antibody lead clinical candidate beyond preclinical proof-of-concept. We are eager to advance this asset to clinical stage, and Janssen's deep expertise in the oncology space is a real advantage."
About Teneobio, Inc.
Teneobio, Inc. is a clinical stage biotechnology company developing a new class of biologics, Human Heavy-Chain Antibodies (UniAbs), for the treatments of cancer, autoimmunity, and infectious diseases. Teneobio's discovery platform, TeneoSeek, comprises genetically engineered animals (UniRat and OmniFlic), next-generation sequencing, bioinformatics and high-throughput vector assembly technologies. TeneoSeek rapidly identifies large numbers of unique binding molecules specific for therapeutic targets of interest. Versatile antibody variable domains (UniDabs) derived from UniAbs can be assembled into multi-specific and multivalent therapeutic proteins, surpassing limitations of conventional antibody therapeutics. Teneobio's "plug-and-play" T-cell engaging platform includes a diverse set of anti-CD3 antibodies for therapeutics with optimal efficacy and reduced toxicity. The company has received funding from institutional investors, including Lightspeed Venture Partners and Sutter Hill Ventures.
Teneobio partners include AbbVie, Janssen, GSK and Poseida. For more information, please visit www.teneobio.com.
Company Inquiries for Teneobio, Inc.
Omid Vafa, Chief Business Officer
ovafa@teneobio.com
