Affitech’s newly acquired drug development capabilities will help the firm progress these candidates.
Affitech negotiated an exclusive, worldwide development and commercialization license to Peregrine Pharmaceuticals’ preclinical selective anti-VEGF antibody program. The agreement includes the fully human antibody, r84, which was discovered by Affitech as part of the companies’ partnership to identify new anti-VEGF antibodies against Peregrine’s targets.
Under terms of the new deal, Affitech will be responsible for future preclinical and clinical development activities as well as commercialization of products falling under the license. Peregrine will receive an up-front payment in addition to research fees and future milestones.
Earlier this year, Affitech was merged into Pharmexa in an all-share deal giving Affitech shareholders an approximately 70% ownership in the combined entity. The reverse acquisition added product development capabilities to Affitech’s drug discovery pipeline, which will allow it to further develop the anti-VEGF pipeline, according to Achim Kaufhold, Ph.D., the company’s CEO.
Peregrine says the deal will give it short-term cash income while allowing the company to keep an interest in the anti-VEGF program. “The selective anti-VEGF antibodies we have been jointly developing wtih Affitech hold significant clinical promise,” adds Steven W. King, president and CEO at Peregrine.
“This agreement fits in very nicely with our announced corporate strategy to monetize and advance our preclinical pipeline through partnerships or licensing agreements, while focusing our R&D efforts on advancing our later-stage clinical programs.” Peregrine has oncology and antiviral therapeutic candidates in Phase I and II trials.