Amorfix achieves first milestone in therapeutic ALS partnership with Biogen Idec
Amorfix Life Sciences announced that it has received notice from Biogen Idec that they will be exercising the first milestone investment under the August 2006 research and investment agreement.
The milestone investment allows Biogen Idec to retain its exclusive worldwide option to license Amorfix's therapeutic candidates for Amyotrophic Lateral Sclerosis (ALS), commonly referred to as Lou Gehrig's disease. Biogen Idec will subscribe for 91,445 shares of Amorfix at a price of Cdn$1.76 per share for gross proceeds to Amorfix of US$150,000. The shares are subject to a four-month hold period.
"We have successfully achieved the first of three predefined milestones for our therapeutic ALS program with Biogen Idec. The research is focused on the role of monoclonal antibodies targeted to misfolded superoxide dismutase 1 (SOD1) for the treatment of ALS," said Dr. George Adams, CEO of Amorfix Life Sciences. "Achieving this technical milestone provides additional validation of our general approach to treat all aggregated misfolded protein diseases."
Amorfix has demonstrated that a targeted immunotherapy approach can diminish the motorneuron effects of ALS in animals. Amorfix's approach is based on the premise that the misfolding and aggregation of SOD1 is a principal agent in the death of motor neurons in all types of ALS disease. Amorfix believes that if the misfolded SOD1 could be specifically recognized and neutralized by antibodies prior to aggregation, the disease could be effectively treated. This approach could be extended beyond ALS to other misfolded protein diseases such as Alzheimer's disease and Parkinson's disease, where misfolded proteins have been identified.
Amorfix and Biogen Idec entered into a research and investment agreement on August 3, 2006, to develop and commercialize Amorfix's technology directed against ALS. The agreement includes an option for Biogen Idec to license the exclusive worldwide rights to Amorfix's technology. Under the terms of the agreement, Amorfix is conducting a research program with operational support and investment from Biogen Idec. If Biogen Idec exercises its option, Amorfix will receive an upfront payment and potential milestone payments in excess of US$25 million plus royalties on commercial sales under the license agreement. Biogen Idec would be responsible for completing preclinical and clinical development, regulatory approvals, manufacturing and commercialization.
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