Total Potential Development and Commercial Milestones of $32M plus Royalties
Leuven, BELGIUM, Boston, MA, US – July 25, 2023 – 8:00 am CET – Oxurion NV (Euronext Brussels: OXUR) a biopharmaceutical company developing next-generation standard of care ophthalmic therapies, with clinical stage assets in vascular retinal disorders, announced today that it received approximately $400,000 in an upfront payment following the exercise of an option by a third party to license a preclinical oncology asset previously owned by its subsidiary, Oncurious, which had recently been transferred to VIB.
Oxurion signed a profit-sharing agreement with VIB covering the asset in September 2022. The terms of this agreement included Oxurion receiving approximately 80% profit-sharing in any transaction for the asset, according to which Oxurion could receive more than $32 million in developmental, regulatory and commercial milestone payments, in addition to market conforming royalties on sales.
Tom Graney, CEO of Oxurion, said, “We are delighted by the successful collaboration between VIB and its partner that will continue the development of what we view as a valuable preclinical asset addressing a key oncology target with an innovative scientific approach. The upfront payment will contribute to Oxurion’s investments in THR-149, being evaluated in a Phase 2 clinical trial as a potential treatment for of diabetic macular edema, which is expected to readout topline results by the end of this year.”
Jérôme Van Biervliet, Managing Director VIB, said, “In the partnership with Oncurious, great progress was made based on scientific breakthroughs discovered at VIB. For the next phase of development, VIB and Oxurion are convinced that these innovative therapeutics deserve the most optimal setting for translation to the patient.”
Oncurious is a wholly owned subsidiary of Oxurion that has been developing oncology therapies focused on antibody immunotherapy.
About VIB
VIB’s core mission is to generate disruptive insights in the molecular underpinning of life and to translate these actively into impactful innovations for patients and society. VIB is an independent research institute where some 1,800 top scientists from Belgium and abroad conduct pioneering basic research. As such, they are pushing the boundaries of what we know about molecular mechanisms and how they rule living organisms such as human beings, animals, plants, and microorganisms. Based on a close partnership with five Flemish universities – Ghent University, KU Leuven, University of Antwerp, Vrije Universiteit Brussel, and Hasselt University – and supported by a solid funding program, VIB unites the expertise of all its collaborators and research groups in a single institute. VIB’s technology transfer activities translate research results into concrete benefits for society such as new diagnostics and therapies and agricultural innovations. These applications are often developed by young start-ups from VIB or through collaborations with other companies. This also leads to additional employment and bridges the gap between scientific research and entrepreneurship. VIB also engages actively in the public debate on biotechnology by developing and disseminating a wide range of science-based information.
More info can be found on www.vib.be.
About Oxurion
Oxurion (Euronext Brussels: OXUR) is a biopharmaceutical company developing next-generation standard of care ophthalmic therapies, which are designed to improve and better preserve vision in patients with retinal disorders including diabetic macular edema (DME), the leading cause of vision loss in working-age people, as well as other conditions. Oxurion intends to play an important role in the treatment of retinal disorders, including the successful development of THR-149, its novel therapeutic for the treatment of DME. THR-149 is a potent plasma kallikrein inhibitor being developed as a potential new standard of care for the up to 50% of DME patients showing suboptimal response to anti-VEGF therapy. Oxurion is headquartered in Leuven, Belgium, with corporate operations in Boston, MA. More information is available at www.oxurion.com.
Important information about forward-looking statements
Certain statements in this press release may be considered “forward-looking”. Such forward-looking statements are based on current expectations, and, accordingly, entail and are influenced by various risks and uncertainties. The Company therefore cannot provide any assurance that such forward-looking statements will materialize and does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or any other reason. Additional information concerning risks and uncertainties affecting the business and other factors that could cause actual results to differ materially from any forward-looking statement is contained in the Company’s Annual Report. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of Oxurion in any jurisdiction. No securities of Oxurion may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. state securities laws.
For further information please contact:
| Oxurion NV Tom Graney Chief Executive Officer Tel: +32 16 75 13 10 tom.graney@oxurion.com Michael Dillen Chief Business Officer Tel: +32 16 75 13 10 michael.dillen@oxurion.com | US Conway Communications Mary T. Conway mtconway@conwaycommsir.com |
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