PanGenetics announces acquisition of PG110 anti-NGF antibody to treat chronic pain by Abbott
PanGenetics, developing PG110, a humanized antibody to Nerve Growth Factor (NGF), announced it has entered into an agreement with Abbott under which Abbott will acquire the global rights to this novel biologic. PG110 is currently in a Phase 1 clinical trial in patients with osteoarthritis and represents a promising new therapeutic for the treatment of chronic pain. The agreement includes an upfront payment of $170 million plus additional milestone payments, for a total of up to $190 million.
This transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2009.
PG110 is a humanised antibody that binds to Nerve Growth Factor (NGF) with high affinity. NGF is the prototypical member of the family of neurotrophin growth factors, which are involved in the growth and survival of nervous tissue. PG110 prevents the interaction of NGF with its receptors, which interaction plays a key role in pain transduction mechanisms in the adult peripheral nervous system. PG110 does not cross-react with other neurotrophins and therefore is a highly specific function-blocking molecule that is able to neutralise NGF bioactivity. The precursor to PG110 was originally discovered by Professor Antonino Cattaneo in the laboratories of Lay Line Genomics, in Rome.
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