May 12, 2004
Source: AutoImmune Inc.
AutoImmune has exclusively licensed certain of its intellectual property rights to BioMS, a Canadian company. Under the license agreement, BioMS makes monthly diligence payments to AutoImmune and has a royalty obligation on sales of MBP8298 should it reach the market. On March 18, 2004, BioMS reported that it raised Canadian $9.3 million the proceeds of which will principally be applied toward a pivotal human clinical trial of its lead drug, MBP8298, a treatment for secondary progressive multiple sclerosis, which utilizes the intellectual property rights licensed from AutoImmune.
AutoImmune has also exclusively licensed certain of its intellectual property rights to Teva Pharmaceutical Industries, Ltd. Teva has not yet started new human clinical studies on an oral formulation of Copaxone(R) (glatiramer acetate), a product for the treatment of multiple sclerosis, but is expected to do so within the next several months. The oral formulation utilizes the intellectual property rights licensed from AutoImmune. If Teva is successful in bringing this product to market, AutoImmune will receive both a milestone payment and a royalty on sales under its license agreement.
AutoImmune is a biopharmaceutical company involved in the development
of a new class of mucosally administered therapies for the treatment of
autoimmune and cell-mediated inflammatory diseases and conditions.
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