Friday, May 06, 2011 11:32:58 AM
Again, one component of the 7-2009 PPHM licensing of 2C3 (fully-human AT001=R84) to Affitech called for Peregrine receiving ”an additional $1,000,000 upon delivery of a pre-clinical development package as defined in the agreements.” The question is, what exactly is “delivery of a pre-clinical development package”? Could it be this “key 2011 milestone” shown on Pgs.12 & 31 of the 4-28-11 Affitech annual SHM PDF that DJohn found on Wednesday? The more I look at it, the more I think, “YES”…
4-28-11 Affitech’s ASM/pg.12: “Priorities & Timelines - Key Milestones in 2011”
• “AT001/r84 – Complete pre-clinical trials, Awaiting final reports”
4-28-11 Affitech’s ASM/pg.17: “AT001/r84 Status”
• “Affitech’s first GMP manufacturing (through AVID)”
• “Entered into collaboration agreement with Dr. Rolf Brekken, Texas, for further mechanistic studies in disease models”
4-28-11 Affitech’s ASM/pg.31: “2011 Outlook”
• “Expected license fees and milestone payments of EUR 7 million (DKK 52 million) in 2011 - Dependent on the completion of the pre-clinical package for AT001/r84”
= = = = = = = = =
From pg.15 of the 7-31-09 10Q iss. 9-3-09:
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
9. LICENSING AGREEMENTS
“During July 2009, we sub-licensed certain rights and agreed to assign certain other rights under our anti-VEGF (Vascular Endothelial Growth Factor) antibody program to an unrelated entity [ 7-22-09 to Affitech: http://tinyurl.com/l5pl7a ]. In consideration for the rights granted under our anti-VEGF antibody program, we will receive a non-refundable up-front license fee of $250,000, of which $100,000 is due immediately and $150,000 is due within 6 months of the date of the agreements. In addition, we expect to receive an additional $1,000,000 upon delivery of a pre-clinical development package as defined in the agreements. We could also receive up to $16,500,000 in future milestone payments based on the achievement of all clinical & regulatory milestones for initial product approval plus a royalty on net sales, as defined in the agreements. Under the license agreements, we also granted the unrelated entity a research license in the ocular field with an option to grant sub-licenses in the ocular field. If the unrelated entity exercises this option to grant sub-licenses in the ocular field, we would receive pre-defined up-front fees, milestone payments, and a royalty on net sales.”
7-31-09 10-K, iss 9-3-09: http://tinyurl.com/mfppjh
= = = = = = = = = = = = =
AFFITECH-PPHM Collab: Fully-Human Mabs, Anti-PS & Anti-VEGF/2C3 http://tinyurl.com/bxyfjk
• AT001 is Fully-Human 2C3 = R84 = PGN311.
• AT004 is Fully-Human BAVI=PGN635=1N11, and AT005 is the Duke-PPHM-HIV candidate PGN632=11.31.
4-28-11: Affitech’s Annual SHM (32pg. PDF) – much on R84 progress/plans: http://tinyurl.com/3h47nqa
4-28-11: Affitech signs with UTSW/Dr. Rolf Brekken for further AT001/R86 research: http://tinyurl.com/4ybh2l2
…Nov/Dec’10: Affitech Reiterates R84 (FH-2C3) Dev. Project Plans http://tinyurl.com/2fhyzxz
...4-21-10: Affitech sub-licenses Anti-VEGF mabs (incl. R84) to Russian partner NTS-Plus: http://tinyurl.com/29tzen9
...9-30-10: PPHM & Affitech Amend 7-2009 R84 Licensing Agreement http://tinyurl.com/2cn77c2
…following Affitech/NTS+ Collab for dev. in Russia/Brazil. Also, Avid gets contract to mfg. R84 for clinical studies.
...7-22-09: Peregrine Licenses Anti-VEGF mabs (incl. R84) to Affitech: http://tinyurl.com/n67v57
...4-28-09 Affitech comments on PGN635 & PGN632 presented at AACR'09 http://tinyurl.com/cxkcb4
...All Affitech Press Releases: http://www.affitech.com/investors-news/press-releases-english
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