(MENAFNEditorial) PORTLAND, Ore. - Wednesday, October 17th 2012
CytoDyn Inc. ("CytoDyn") (OTC QB: CYDY), a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses, announced today that it has completed the acquisition of Pro 140, an experimental humanized monoclonal antibody (mAb) targeting the CCR5 receptor for the treatment and prevention of HIV, from Progenics Pharmaceuticals, Inc. of Tarrytown, NY.
Pro 140 is a late Stage II clinical development mAb with demonstrated anti-viral activity in HIV- infected subjects. Today's payment of $3.5 million transfers ownership of the technology and associated intellectual property from Progenics to CytoDyn, as well as approximately 25 million mg of bulk drug substance. The agreement with Progenics calls for two future milestone payments upon commencement of a Phase III clinical trial ($1.5 million) and the first new drug application approval ($5 million), as well as royalty payments of 5 percent of net sales upon commercialization.
"CytoDyn is a company focused on the development of monoclonal antibodies for the treatment of immune deficiency viruses. Pro 140 is the most advanced cell-specific monoclonal antibody to date being tested for the treatment of HIV. This makes it a perfect fit for our company. We believe that Pro 140 represents an entirely new approach to treating HIV. We are excited about taking it forward through the next stages of clinical development," said Dr. Nader Pourhassan, CytoDyn's interim President and CEO.
Dr. Richard Trauger, CytoDyn's Chief Scientific Officer, commented, "Pro 140 is part of an exciting new class of HIV therapies known as entry inhibitors. It has been reported to produce the largest single-dose HIV RNA reductions reported to date. Future studies are planned to explore its activity in HIV-infected people either in combination with the current HAART regimens or as a monotherapy in those who cannot tolerate antiviral drugs. In addition, due to its unique mechanism of action, Pro 140 may be useful as a pre-exposure (PrEP) and/or post-exposure (PEP) prophylaxis agent. We are looking forward to re-initiating clinical development in FDA approved clinical studies to explore all of the potential uses of Pro 140."
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