Advanced Proteome subsidiary licenses technology
2020-02-03 12:56 ET - News Release
Mr. Paul Woodward reports
ADVANCED PROTEOME THERAPEUTICS SIGNS LICENSE DEAL
Advanced Proteome Therapeutics Corp.'s subsidiary, Advanced Proteome Therapeutics Inc. (APTI), has non-exclusively licensed APTI's site-selective linker technology to 1216232 B.C. Ltd.
The licence agreement is between non-arm's-length parties. Paul Woodward, director of the company and APTI, is a director of 1216232. Additionally, Dr. Benjamin Krantz, a director of APTI, is also a director of 1216232. The licence agreement was approved by the independent board members of both Advanced Proteome and APTI.
Under the terms of the agreement, 1216232 will license APTI's full suite of technology for application to up to two targets. Under the agreement, 1216232 will be granted a 51-per-cent interest, and control, of a target by advancing $400,000; 1216232 can acquire up to an additional 34-per-cent interest by advancing a further $612,000. Terms for any subsequent target are identical. 1216232 has selected its first target and APTI will develop and test antibody-drug conjugates targeting delta-like protein 3 (DLL3) under contract to 1216232. APTI will retain at least a 15-per-cent economic interest in the program and share in any future sales or transaction revenue.
DLL3 is a transmembrane protein highly expressed in many tumour types (melanoma, low-grade gliomas, glioblastoma multiforme, and some prostate, pancreatic and colorectal cancers) including in greater than 80 per cent of small-cell lung cancer (SCLC) patient tumours. Importantly, DLL3 expression is virtually absent in healthy tissue. Antibody drug conjugates based on DLL3 have had a substantial clinical history. In particular, Abbvie made a multibillion-dollar investment in its now shuttered Rova-T program. Despite that high-profile failure, DLL3 remains a very promising target. APTI and 1216232 believe that Rova-T's clinical failure was due to off-target toxicities related to the suboptimal conjugation technology, a perfect candidate to be improved utilizing the benefits of APTI's next-generation universal linker technology.
Bill Dickie, president and chief executive officer of APTI, commented: "Our site-selective lysine targeting results in chemically stable, more homogenous ADCs. Our 'off the shelf' universal antibody connector requires no modification to the antibody framework and facilitates the rapid and cost-effective development of a DLL3 program."
Paul Woodward, president and CEO of Advanced Proteome, added: "We expect the DLL3 project in partnership with 1216232 to lead to a significant economic opportunity for APC shareholders. In addition, more importantly, it will be a powerful and high-profile demonstration of APTI's unique, proprietary technology, which will lead to further licensing opportunities."
Dr. Benjamin Krantz, director of 1216232, commented: "Our partnership with APTI enables rapid value creation through the development of antibody drug conjugates for up to two high-value targets. Our first target, DLL3, is expressed in many malignancies with large market potentials and significant unmet needs. As APTI's conjugation technology overcomes many of the limitations with current linker technology through site-specific stable linkage to any unmodified human antibody, it is an optimal technology for this purpose.
About Advanced Proteome Therapeutics Corp.
Advanced Proteome, through its Boston-based subsidiary, APTI, is developing a proprietary technology to directly target cancerous tumours and avoid destroying normal cells. This type of agent is capable of greater potency, higher specificity and lower toxicity than other therapies that can also attack healthy cells. The company is working to streamline the process by which these agents are prepared, which, to date, has been extremely cumbersome, limiting their potential.