OncoGenex Increases Economic Interest in Lead Cancer Drug OGX-011
News Jul 04, 2008
OncoGenex Technologies Inc. and Isis Pharmaceuticals, Inc. have announced that the companies have amended their agreement and OncoGenex has elected to independently develop its lead cancer drug OGX-011.
Under the amended agreement, OncoGenex is solely responsible for all future development activities, costs and partnering decisions related to OGX-011.
Isis will no longer be responsible for funding 35% of development costs, will receive single digit royalties on future revenues of OGX-011, and will receive a portion of license fees and milestone payments received by OncoGenex from any future partner.
There were no upfront payments associated with this amended agreement.
"This amendment allows us to increase our economic interest in OGX-011 as we advance the development of OGX-011 while also increasing our flexibility to further develop this product candidate," said Scott Cormack, President and CEO of OncoGenex.
"In addition, we believe this new arrangement facilitates future partnering discussions since potential development and commercialization partners need only deal with one party," Cormack added.
"This amended agreement with OncoGenex is consistent with our strategy to remain focused on discovering and developing drugs and licensing prior to large Phase 3 trials. This has enabled us to continue to benefit from the successes of antisense drugs through a growing annuity of licensing fees, milestones and royalty payments with many focused partners," said B. Lynne Parshall, COO and CFO of Isis.
"We believe that clinical results to date have established OGX-011 as one of many promising antisense drugs and OncoGenex is now ideally situated to lead the final stages of development of OGX-011 while allowing Isis to continue to benefit as future milestones and commercial revenues are realized. By working closely with OncoGenex during the development of OGX-011, we have confidence that OncoGenex will independently maximize the value of OGX-011."
"The contributions of Isis have been instrumental in the development of OGX-011 to date and we anticipate that our positive interactions will continue with this amended relationship," added Cormack.