Zymeworks Inc. (NYSE/TSX: ZYME), a clinical-stage biopharmaceutical
company developing multifunctional biotherapeutics, today announced that
it has earned a milestone payment from Merck (known as MSD outside the
US and Canada) achieved under the companies’ 2014 research and license
agreement. Zymeworks will receive US$2.0 million in connection with
Merck’s completion of a late-stage preclinical study for a bispecific
antibody candidate using Zymeworks’ proprietary Azymetric™ and EFECT™
therapeutic platforms.
“Merck’s completion of this milestone is great news,” said Ali Tehrani,
Ph.D., President and CEO of Zymeworks. “We believe this accomplishment
from another one of our long-term partners provides additional evidence
of the potential of our bispecific antibody technology. We expect
similar advancements from our other partners’ therapeutic programs in
the years ahead.”
Under the terms of the research and license agreement, Zymeworks has
granted Merck a worldwide, royalty-bearing license to research, develop
and commercialize certain bispecific therapeutic candidates toward
Merck’s therapeutic targets for which Zymeworks is eligible to receive
additional development and commercial milestone payments as well as
tiered royalties on product sales.
About the Azymetric™ Platform
The Azymetric platform enables the transformation of monospecific
antibodies into bispecific antibodies, giving the antibodies the ability
to simultaneously bind two different targets. Azymetric bispecific
technology enables the development of multifunctional biotherapeutics
that can block multiple signaling pathways, recruit immune cells to
tumors, enhance receptor clustering degradation, and increase
tumor-specific targeting. These features are intended to enhance
efficacy while reducing toxicities and the potential for drug
resistance. Azymetric bispecifics have been engineered to retain the
desirable drug-like qualities of naturally occurring antibodies,
including low immunogenicity, long half-life and high stability. In
addition, they are compatible with standard manufacturing processes with
high yields and purity, potentially significantly reducing drug
development costs and timelines.
About the EFECT™ Platform
The EFECT platform is a library of antibody Fc modifications engineered
to modulate the activity of the antibody-mediated immune response, which
includes both the up- and down-regulation of effector functions. This
platform, which is compatible with traditional monoclonal as well as
Azymetric bispecific antibodies, further enables the customization of
therapeutic responses for different diseases.
About Zymeworks Inc.
Zymeworks is a clinical-stage biopharmaceutical company dedicated to the
development of next-generation multifunctional biotherapeutics. The
Company’s suite of therapeutic platforms and its fully integrated drug
development engine enable precise engineering of highly differentiated
product candidates. Zymeworks’ lead clinical candidate, ZW25, is a novel
Azymetric™ bispecific antibody currently in Phase 2 clinical
development. The Company’s second clinical candidate, ZW49, is a
bispecific antibody-drug conjugate currently in Phase 1 clinical
development and combines the unique design and antibody framework of
ZW25 with Zymeworks’ proprietary ZymeLink™ cytotoxic payload. Zymeworks
is also advancing a deep preclinical pipeline in immuno-oncology and
other therapeutic areas. In addition, its therapeutic platforms are
being leveraged through strategic partnerships
with nine biopharmaceutical companies. For more information, visit www.zymeworks.com.
Zymeworks Cautionary Note Regarding Zymeworks’ Forward-Looking
Statements
This press release includes “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
“forward-looking information” within the meaning of Canadian securities
laws, or collectively, forward-looking statements. Forward-looking
statements in this news release include, but are not limited to,
statements that relate to future development activities in accordance
with the terms of Zymeworks’ agreements with Merck and other corporate
partners, advancements in Zymeworks’ partners therapeutic programs,
potential payments and/or royalties payable to Zymeworks under these
agreements, the speed and outcome of drug development plans, Zymeworks’
potential global growth, and other information that is not historical
information. When used herein, words such as “enable”, “plan”, “expect”,
“will”, “may”, “eligible to”, and similar expressions are intended to
identify forward-looking statements. In addition, any statements or
information that refer to expectations, beliefs, plans, projections,
objectives, performance or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking. All forward-looking statements are based upon
Zymeworks’ current expectations and various assumptions. Zymeworks
believes there is a reasonable basis for its expectations and beliefs,
but they are inherently uncertain. Zymeworks may not realize its
expectations, and its beliefs may not prove correct. Actual results
could differ materially from those described or implied by such
forward-looking statements as a result of various factors, including,
without limitation, market conditions and the factors described under
“Risk Factors” in Zymeworks’ Quarterly Report on Form 10-Q for its
fiscal quarter ended March 31, 2019 (a copy of which may be obtained at www.sec.gov
and www.sedar.com).
Consequently, forward-looking statements should be regarded solely as
Zymeworks’ current plans, estimates and beliefs. Investors should not
place undue reliance on forward-looking statements. Zymeworks cannot
guarantee future results, events, levels of activity, performance or
achievements. Zymeworks does not undertake and specifically declines any
obligation to update, republish, or revise any forward-looking
statements to reflect new information, future events or circumstances or
to reflect the occurrences of unanticipated events, except as may be
required by law.
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