EvoGenix Achieves Milestone in Collaboration with GlaxoSmithKline
SYDNEY, Australia, March 26, 2007 /PRNewswire-FirstCall/ -- EvoGenix Limited today announced confirmation by collaboration partner GlaxoSmithKline (GSK) of successful completion of the first project between the two companies. Achievement of the target set for the project triggers a milestone payment to EvoGenix by GSK. Financial terms were not disclosed.
Under the agreement, EvoGenix utilised its protein optimisation technology, EvoGene(TM), to develop improved versions of a protein product from the GSK pharmaceutical pipeline. The protein variants generated had improvements in affinity that exceeded the 20-fold goal specified in the collaboration agreement.
EvoGenix announced completion of its work on the project in October last year. Subsequent evaluation and confirmation of the results by GSK has now been finalized successfully. GSK will be responsible for further development of the product, with EvoGenix eligible to receive additional milestone payments as the product progresses through the pipeline. EvoGenix is also set to earn royalties on product sales should it be approved and launched.
"The success of this project, under our first collaboration with a major pharmaceutical company, demonstrates the ability of EvoGenix to deliver significant improvements in the properties of therapeutic proteins for our partners. Such enhancements in potency and other properties can make a key contribution to the eventual success of products when tested in patients" commented Dr Rob Crombie, VP Business Development who was responsible for brokering the original deal.
"We are delighted with this external validation of the success of the EvoGenix technology platform," commented Dr George Kopsidas, Project Director and leader of the team of EvoGenix scientists who worked on the project. "We look forward to similar success in our other collaborative projects and in development of our internal portfolio of antibody drugs".
EvoGenix is employing its protein engineering technologies in developing a series of valuable protein therapeutics internally, with a particular focus on antibody-based drugs, and also in collaborations with companies such as GlaxoSmithKline, CSL Limited and Vegenics Limited.
EvoGenix Limited has established leading technology capabilities for creating high value antibody and protein-based therapeutics. The company exploits its capabilities through technology collaborations with partner companies, and by development in-house of a succession of wholly-owned antibody and protein products.
EvoGenix is progressively building company value by assembling a portfolio of revenues from technology collaborations using its unique technology capabilities. Multi project collaborations with GlaxoSmithKline and Australia's CSL Limited have been announced in the past 18 months as well as a recent single product agreement with Circadian Technologies-backed biotechnology company, Vegenics Limited.
At the same time EvoGenix is progressing its internal product pipeline, with current products aimed at the treatment of osteoporosis, lung cancer, melanoma and respiratory infections. Generally, these will be out-licensed prior to the clinical stage to meet the existing high demand for new biotherapeutic products in the pharmaceutical industry.
For further information: Company inquiries: Dr Merilyn Sleigh Chief Executive Officer EvoGenix Ltd +612 8257 3393 Mobile: +61412 766 790 Media inquiries: Rebecca Piercy Buchan Consulting +612 9237 2800 Mobile: +61422 916 422
CONTACT: Dr Merilyn Sleigh, Chief Executive Officer of EvoGenix Ltd,+61-2-8257-3393, Mobile: +61-412-766-790; or Rebecca Piercy of BuchanConsulting, +61-2-9237-2800, Mobile: +61-422-916-422, for EvoGenix Ltd
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Posted: March 2007