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 treatments for cancer to the clinic."
The CEO of Genmab Lisa N Drakeman, PhD commented: "We are pleased to reach the next level of development with these targets and look forward to continuing the collaboration with Bionomics."
Professor Jan G J van de Winkel, PhD, Chief Scientific Officer of Genmab added: "This milestone has been reached following extensive studies by Genmab on the Bionomics targets. The work we have undertaken has confirmed and extended the work performed by Bionomics, further supporting their potential as new targets for therapeutic antibodies."
Bionomics has the rights and is actively developing a large number of additional proprietary proteins discovered through its angiogenesis program, including BNO69. In addition Bionomics' anti-cancer drug BNC105 will soon commence a Phase 1 clinical trial at the Peter MacCallum Cancer Centre, Royal Melbourne Hospital and Western Hospital cancer centres in Melbourne for the treatment of solid tumours including breast, colon and prostate cancers. BNC105 was identified using the Angene(R) platform. Bionomics' Investigational New Drug (IND) submission for BNC105 was accepted by the US Food and Drug Administration in November 2007.
About Bionomics Limited:
Bionomics (ASX: BNO) discovers and develops innovative therapeutics for
cancer and diseases of the central nervous system. Bionomics has small
molecule product development programs in the areas of cancer, anxiety,
epilepsy and multiple sclerosis. Bionomics' discovery and development
activities are driven by its three technology platforms: Angene(R), the
company's angiogenesis target and drug discovery platform, incorporates a
variety of genomics tools to identify and validate novel angiogenesis
targets. MultiCore(R) is Bionomics' proprietary, diversity orientated
chemistry platform for the discovery of small molecule drugs. ionX(R) is a
set of novel technologies for the identification of drugs targeting ion
channels for diseases of the central nervous system.
For more information about Bionomics, visit http://www.bionomics.com.au
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Bionomics Limited
Dr. Deborah Rathjen
CEO & Managing Director
+61 8 8354 6101 / +61 418 160 425
+612 9237 2800 / +61 408 465 800
|SOURCE Bionomics Limited|
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