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GEN News Highlights : May 8, 2009

Cangene Buys Exclusive Option for Acute Radiation Syndrome Drug for $500K from Maxygen

Cangene will exercise its right if it obtains a government contract for development.

Maxygen sold an option for the exclusive license of its MAXY-G34 protein therapeutic for acute radiation syndrome (ARS) to Cangene for $500,000. If Cangene is able to obtain a government development contract for this indication, it will pay Maxygen an initial licensing fee and a percentage of its net government contract revenues. Additional licenses may be purchased for subsequent government contracts related to treatment or prevention of ARS-associated neutropenia .

Cangene may also purchase both licenses with a one-time $30 million fee. Rights would expire two years after acquiring the initial license. Separately, Cangene submitted a bid to BARDA specifying the development of MAXY-G34 in ARS. Maxygen retains all rights to Maxy-G34 for commercial development in non-ARS therapeutic areas.

"We believe MAXY-G34 is particularly attractive for the ARS application as a potent, safe and long acting drug that can rapidly increase neutrophil levels," comments Russell Howard, CEO of Maxygen. "In the recently completed Phase IIa study in breast cancer patients with chemotherapy-induced neutropenia, MAXY-G34 was shown to be safe, effective, and have a prolonged plasma half-life compared to Neulast."

 


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