Prima BioMed in for seven-figure payday
Prima BioMed (ASX:PRR) is set to reap a seven-figure milestone payment after licensee GSK commenced a phase I trial of an anti-LAG-3 antibody for the treatment of immune diseases.
GSK has dosed the first subject for a first-in-human trial of the technology, which was licensed to GSK from Immutep in 2010.
Prima BioMed arranged to acquire Immutep last year in a deal worth up to US$28 million ($35.4 million). Immutep is now a wholly owned Prima subsidiary.
The randomised, double-blind trial in 63 subjects will aim to investigate the safety, tolerability and pharmacokinetic profile of the candidate.
Prima CEO Marc Voigt called the beginning of the phase I trial a significant milestone for the company.
“The first subject dosing in the phase I trial triggers an undisclosed, single-digit, million-dollar financial milestone payment to Immutep from GSK,” he said.
“Importantly, the partnership with GSK gives rise to significant further potential milestone payments as well as additional royalties. Under the terms of the 2010 agreement ... Immutep received an upfront payment and potential future milestones totalling up to £64 million ($122 million).”
GSK also agreed to assume responsibility for all development costs associated with the candidate and pay Immutep single-digit, tiered royalties if all objectives are met.
Prima BioMed (ASX:PRR) shares were trading 9% higher at $0.036 as of around 1 pm on Tuesday.
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