21 March 2018 | News
ApolloBio will immediately make an upfront payment to Inovio of $23 million as well as potential future payments up to $20 million upon meeting certain milestones
Image Courtesy- ttac.com
Inovio Pharmaceuticals, today announced that it has inked an agreement providing ApolloBio with the exclusive right to develop, manufacture and commercialize VGX-3100, Inovio’s DNA immunotherapy product designed to treat precancers caused by human papillomavirus (HPV), within Greater China (mainland China, Hong Kong, Macao, Taiwan).
VGX-3100, now in a Phase 3 trial, is an HPV-specific immunotherapy that is being developed as a non-surgical treatment for high-grade cervical dysplasia and related underlying persistent HPV infection.
ApolloBio, which has garnered all regulatory and board approvals for the agreement, will immediately make an upfront payment to Inovio of $23 million as well as potential future payments up to $20 million upon meeting certain milestones. In addition, Inovio is entitled to receive double-digit tiered royalty payments on sales. This collaboration of VGX-3100 encompasses the treatment and/or prevention of precancerous HPV infections and HPV-driven dysplasias (including cervical, vulvar and anal precancers) and excludes HPV-driven cancers and all combinations of VGX-3100 with other immunostimulants. The agreement also provides for potential inclusion of the Republic of Korea during the next three years.
Dr. J. Joseph Kim, Inovio’s President and Chief Executive Officer, said, “We are pleased to close this agreement that opens large markets and brings us $23 million in non-dilutive cash with future milestone payments and royalties on sales. ApolloBio is an excellent partner that will provide significant capabilities and expertise relating to product development, the Chinese regulatory landscape, and the commercial market in China. This agreement strengthens and expands our global efforts to develop VGX-3100.”
“With this license and collaboration agreement we are now on the path to introduce late-stage innovative new drugs to meet severely unmet medical needs within the Greater China region," said Dr. Weiping Yang, Chief Executive Officer of ApolloBio. "We are excited at the potential for VGX-3100 to address multiple indications within HPV-associated precancer, and we are very pleased to launch this strategic collaboration with Inovio, an innovative global biotechnology partner.”
HPV is the most common sexually transmitted infection and is the main cause of cervical cancer, which kills more than 270,000 women every year worldwide. Among the 300 million women currently infected with HPV, more than 530,000 will be diagnosed with cervical cancer each year.