Milestone payment for Numab12.06.2014 10:37
Numab AG, a company focused on the discovery and development of antibody based therapeutics announced today that they have received a milestone payment under a collaboration that was initiated in February 2013.
In the course of the collaboration Numab discovered novel anti-TNFa molecules meeting predefined stability and potency criteria, which triggered a milestone payment in the order of CHF 3.3 million. In return the partner has been granted an option to acquire selected identified molecules together with an exclusive license in certain indications.
David Urech, Co-CEO and CSO commented: “Within less than 12 months we came up with a diverse set of molecules that differentiate through novel characteristics and clear best-in-class potencies”. Oliver Middendorp, Co-CEO and CBO of Numab added: “We are now offering our highly competitive TNF blockers to interested companies for development outside of the selected indications. Such development appears to be particularly attractive, when combined with innovative delivery approaches.”
Financial terms of the agreement included full reimbursement of FTE costs on an ongoing basis and the above-mentioned success-dependent milestone payment. Upon exercise of the license option by the partner, Numab is entitled to an option exercise fee, milestone payments and tiered royalties up to the double digit range.
Founded in 2011, Numab discovers and develops innovative antibody-based therapeutics. Applying proprietary rabbit-based antibody discovery and engineering technology, Numab generates highly potent and stable antibody-based molecules, which serve as building blocks to create multi-specific antibody based therapeutics with tailored pharmacokinetic properties. Numab’s therapeutic antibodies are designed to improve on existing therapies in terms of effect size, effect duration and safety.