AVANT Announces Complement Inhibition License With Adprotech
NEEDHAM, Mass.--(BUSINESS WIRE)--April 7, 2004--AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN - News) today announced the signing of a license agreement with Adprotech, Ltd for non-exclusive rights to use certain components of AVANT's intellectual property surrounding complement inhibition. The license will enable Adprotech to continue further development and commercialization of its APT070 product, which is currently in a clinical trial in rheumatoid arthritis. No rights to either of AVANT's complement programs, TP10 and TP20, were transferred under the license. All rights to these two products remain fully owned worldwide by AVANT. Financial details of the agreement with Adprotech were not disclosed, but include upfront license fees, milestone payments and royalties of an undisclosed amount.
"We believe this agreement validates the strength of AVANT's patent portfolio in the area of complement inhibitors," said Una S. Ryan, Ph.D., AVANT President and Chief Executive Officer. "AVANT is pleased to have monetized some value from this important asset without limiting the opportunities for our own programs."
About Adprotech
Adprotech is a privately funded development stage biopharmaceutical company near Cambridge, UK. The company applies its understanding of the immune system and its unique drug targeting capabilities to develop products which address serious illnesses including rheumatoid arthritis, organ transplant rejection, bacterial infection and stroke. Adprotech focuses on the development of protein therapeutics for chronic diseases and surgical complications caused by autoimmune and inflammatory processes. Core expertise in the engineering of complement-regulatory proteins provides a platform for new product development. Adprotech is developing a complement inhibitor, APT070, which is currently in an early stage Phase I/II clinical trial for the potential treatment of rheumatoid arthritis and has several follow-on indications in preclinical development. ... |
