ADELAIDE and COPENHAGEN, Feb. 19 /PRNewswire-FirstCall/ -- Bionomics Limited (ASX: BNO, US OTC: BMICY) today announced the successful completion of pre-clinical testing on the first of eight proteins licensed to US $2.6 billion Danish antibody company Genmab A/S (OMX: GEN), triggering a US $1 million milestone payment.
Under the agreement, which was executed in February 2006, Genmab acquired the exclusive worldwide rights to eight proteins identified and characterised by Bionomics using its proprietary Angene(R) angiogenesis platform. Antibodies to these proteins have potential as treatments for cancer and other diseases. At the time of the agreement, Bionomics received an upfront fee and the US $1 million is the first in a series of potential milestone payments upon achieving specified pre-clinical and clinical milestones. Bionomics will also receive milestone payments and royalties on product sales for each product reaching the market.
The US $1 million payment has been triggered with the significant progress made in the first stage of evaluation of the licensed proteins. This evaluation strongly supported the potential of a selection of the licensed proteins as antibody targets and development of a therapy to treat pathological angiogenic conditions. This milestone marks commencement of the next phase of the development program under the collaboration.
"This is a very significant milestone for Bionomics as it validates Bionomics' Angene(R) platform as a source of new treatment modalities for cancer and other conditions involving pathological formation of new blood vessels. It also reinforces for our shareholders the significant commercial potential of our collaboration with Genmab," said CEO of Bionomics Dr. Deborah Rathjen.
"We have been working in close collaboration with Genmab for several
years and this latest milestone is a clear validation of the strength of
this partnership which aims to bring new antibody-based treatment
|SOURCE Bionomics Limited|
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