For work conducted and licenses granted, AVEO will pay XOMA an up-front license fee, development milestones and royalties. AVEO retains all development and commercialization rights to AV-299.
"AV-299 is a highly potent antagonist of hepatocyte growth factor/scatter factor (HGF/SF) which has demonstrated excellent efficacy in preclinical models of human cancer," said Tuan Ha-Ngoc, AVEO's President and CEO.
"Along with AV-412, our AV-299 program is another example of the progress we have made applying our scientific platform to build a portfolio of novel oncology product development programs."
"XOMA's clinically-validated HE™ technology is intended to accelerate product development timelines for the AV-299 program, while increasing the potential for clinical and commercial success."
"The alliance with AVEO represents a new business extension of our HE™ technology, which was previously available only for XOMA's internal and collaborative product development programs," said Jack Castello, XOMA's Chairman, President and CEO.
"We hope this is the first of many HE™ relationships as it joins with our other initiatives to leverage XOMA's innovations, expertise and other assets."
"Importantly, we are pleased to improve the medical and commercial potential of AVEO's AV-299 antibody product candidate through the use of our HE™ technology."