Genmab licenses Bionomics angiogenesis targets

Danish biotech Genmab has acquired exclusive worldwide rights to angiogenesis targets identified by Adelaide-based Bionomics (ASX:BNO).

Under the agreement, Genmab has rights to develop therapeutics based on eight proteins identified and characterised by Bionomics using its proprietary Angene angiogenesis platform for potential use in cancer and other diseases.

Bionomics is to receive an undisclosed upfront fee and additional fees upon the first target achieving preclinical and clinical milestones. Bionomics will also receive milestone payments and royalties on product sales for each product that reaches the market.

"We've known Genmab for some time," said Bionomics CEO Deborah Rathjen. "There was a significant understanding between the two companies already and when we approached Genmab last year about licensing these targets, we found they were pretty receptive."

Bionomics will retain rights to additional proteins it has discovered in its angiogenesis program, including target BNO69 which the company is developing as a target for small molecule therapeutics to treat breast cancer.

"We're looking forward to our cancer program moving into drug candidate phase and preclinical development," said Rathjen. "We'll be nominating our selected drug candidate this quarter, and aiming to complete preclinical development so that we can lodge an IND filing and other clinical trial applications in the first half of next year.

Rathjen said Genmab currently had six clinical development programs in its pipeline and a demonstrated capacity to take antibodies through clinical development. "[Genmab] matches this with a very substantial cash balance," she said. "They recently completed the largest European biotech financing ever undertaken when they raised US$120 million a couple of weeks ago.

"The antibody IP space is very complex and Genmab has access to all of the key pieces of intellectual property in order to develop and commercialise antibody therapeutics."

Bionomics shares were up 12.5 per cent and trading at $0.225 at the time of writing.