According to the agreement, OncoArendi Therapeutics will receive an up-front payment of PLN 25 million. euro. Further tranches under the signed agreement will be disbursed by Galapagos NV once further “milestones” are reached.
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The milestones specified in the agreement include: the next stages of drug development, the so-called development milestones, the drug approval phase in various regions of the world, the so-called regulatory milestones and the phase of commercialization and sale of the drug, the so-called commercial milestones. The total value of the contract, i.e. the total biodollar value, is EUR 320 million. In addition, along with the up-front payment, the company will also receive a payment of EUR 2 million for granting Galapagos the right of priority in negotiations for other compounds developed within the chitinase platform that are not dual chitinase inhibitors. The amounts indicated do not include royalties for possible future sales.
– This is an extremely important moment for us. Signing the contract with Galapagos is a breakthrough on the scientific and business level, and above all, a chance that our molecules will gain substantive and financial support in development, and thanks to the commitment of a global company, they will be able to heal people in the future. We have been working hard over the past years to get to this stage. The high quality of our preclinical and clinical data as well as the results of research on the mechanism of action of chitinase inhibitors encouraged Galapagos to make this investment – said the president of OncoArendi Therapeutics Marcin Szumowski, quoted in the material.
OncoArendi can treat pulmonary fibrosis
– In the area of chitinases, we are a global leader, and the therapeutic approach proposed by OncoArendi is innovative. OATD-01, the leading molecule from the chitinase platform, has the potential to become the first drug in its class – the so-called first-in-class. The scope and quality of our research and the therapeutic potential of the chitinase platform molecules are reflected in the value of the partnering contract. We believe that this agreement is a breakthrough for the entire industry and builds the value of Polish biotechnology in the world, emphasized the brother of the former health minister.
Chitinases play a key role in the inflammatory and fibrotic processes seen in conditions such as idiopathic pulmonary fibrosis, sarcoidosis or asthma.
As emphasized by the financial director Sławomir Broniarek, the signed contract is the first and so far the most important step of the company on the way to the validation of the business model and to the rapid growth of the company’s value. – This success built by our scientists and world-class experts allows us to believe that the effects of our work may have a global reach – he emphasized.
OncoArendi Therapeutics is an innovative biotechnology company specializing in the search, development and commercialization of new drugs for the treatment of respiratory diseases and cancer. The company has been listed on the WSE main market since April 2018.
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