TAIPEI, May 9, 2011 /PRNewswire-Asia/ -- PharmaEngine, Inc. and Merrimack Pharmaceuticals, Inc. announced today the execution of an agreement under which PharmaEngine grants back to Merrimack the rights to develop, manufacture, and commercialize PEP02 (known under the designation of MM-398 by Merrimack) in Asia and Europe, with the exception of Taiwan.
Under the agreement, PharmaEngine will receive an upfront payment of US$10 million, and is eligible to receive up to an additional US$210 million of milestone payments, as well as tiered royalties on net sales in Asia and Europe. Merrimack is responsible for all product development costs in the licensed territories, while PharmaEngine retains the exclusive development and commercialization rights in Taiwan, and plays a role in clinical and regulatory activities pursuant to an integrated global development plan.
"We are thrilled to collaborate with Merrimack to advance the development of PEP02 (MM-398). Drug development is like a relay race; PharmaEngine has developed this drug candidate from preclinical to phase II stages, and we believe that Merrimack is well-positioned to take the baton and accelerate development of this product through global commercialization," said C. Grace Yeh, Ph.D., President and Chief Executive Officer of PharmaEngine. "Today's announcement signifies the commitment of both companies to develop an innovative nanoparticle therapy that addresses significant unmet medical needs for cancer patients who are refractory to available treatments."
About PEP02 (MM-398)
PEP02 is a novel and highly stable nanoliposomal formulation of irinotecan. PharmaEngine has tested PEP02 in several human clinical studies to date, including four phase I studies and two phase II studies in gastric and pancreatic cancers. Both phase II studies met their primary endpoints of response rate and 3-month survival. Data from both studies were recently p
|SOURCE PharmaEngine, Inc.|
Copyright©2010 PR Newswire.
All rights reserved