LUND, Sweden, Jan. 21, 2020 /PRNewswire/ -- Diaprost entered into an exclusive Research and Option Agreement with a Top 10 Pharmaceutical company strategic partner in October 2017. Diaprost now announces that its strategic partner has exercised its option to acquire rights to its h11B6 antibody.
An upfront payment and research funding has already been paid and an early-stage clinical trial has been initiated. In payments made prior to option exercise, Diaprost received $13M. The option fee and potential future payments, including commercial milestones, for its h11B6 antibody for prostate cancer may be up to $90 million. No royalties are payable.
Diaprost announced that its partner has exercised its option, under which its partner acquires Diaprost's patents and assets for antibody h11B6, and its associated target. H11B6 has advanced to clinical development for prostate cancer, the most common cancer in men and with a high unmet medical need. Work completed since October 2017 has successfully demonstrated the potential of the therapy and the partner now wishes to gain full rights.
"We believe the early exercise of the Option by our strategic partner shows the potential of both Diaprost and the h11B6 program," said Johan Drott, CEO of Diaprost. "We believe going forward, h11B6 has the potential to be an important new oncology therapy for patients."
About Diaprost
Diaprost is a private pharmaceutical research and development company based in Lund, Sweden. It was founded in 2005 based on the idea that the transformative success of the PSA assay for detection of prostate cancer could be leveraged as a personalized theranostic (therapy and diagnostic) platform. The technology and patent applications were pursued by researchers at Lund University in Sweden with support from private investors. Diaprost is collaborating with leading international experts in the fields of molecular medicine, biotechnology, immunology, radiology, radiation physics, laboratory medicine and oncology. The remaining Diaprost pipeline consists of 5A10 which targets free-PSA antigen for both diagnostic and therapeutic applications.
For more information, please contact:
Johan Drott
CEO, Diaprost AB
+46-709-224-140
johan.drott@diaprost.com
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https://news.cision.com/diaprost-ab/r/diaprost-announces-exercise-of-option-under-the-terms-of-its-research-and-option-agreement-with-a-le,c3011679
The following files are available for download:
https://mb.cision.com/Main/15278/3011679/1176606.pdf | Press release (PDF) |
https://news.cision.com/diaprost-ab/i/johan-drott-vd-ceo-diaprost-ab-jan-2020,c2737591 | Johan Drott vd CEO Diaprost AB Jan 2020 |
