Affitech A/S announced that the Company has received 2.5 million Euro in milestone payment from IBC Generium. The payment is related to the delivery of the preclinical package for Affitech’s anti VEGF antibody AT001/r84 to its Russian collaboration partner IBC Generium, who will use the package for the filing of a Clinical Trial Application (CTA) in Russia. AT001/r84 is a novel patented human monoclonal antibody to human vascular endothelial growth factor (VEGF), and is being developed as a potential treatment of cancer. The collaboration agreement with IBC Generium comprises two development projects and is worth up to € 23 million in fees and advanced royalties to Affitech.
Managing Director of Affitech Martin Welschof said: “I am very pleased to see the continuing progress in the development of the drug candidate AT001/r84 leading to the payment of the first milestone in our R&D collaboration with Russian partner IBC Generium. The pre-clinical package performed under appropriate GMP or GLP procedures supports clinical trial applications in different territories.”
AT001/r84 is a novel, proprietary therapeutic antibody to vascular endothelial growth factor (VEGF) being developed by Affitech and IBC Generium as a potential alternative to bevacizumab (Avastin®) for the treatment of certain human cancers. The Russian health authorities have identified cancer therapy based on anti-VEGF antibodies as one of the top priority areas of pharma-innovation in Russia. Affitech’s AT001/r84 has the potential to satisfy patient needs in this area. The rights to develop and commercialize AT001/r84 outside Russia and the CIS remain with Affitech.