Amorfix achieves final milestone under option agreement with Biogen Idec

Biogen Idec has an option to license the Amorfix technology for amyotrophic lateral sclerosis (ALS) under already defined terms and would be responsible for completing preclinical and clinical development, regulatory approvals, manufacturing and commercialization.

If the option is exercised, Amorfix will receive an upfront cash payment and potential milestone payments in excess of $25 million under the license agreement. Amorfix will also receive royalties on commercial product sales. Biogen Idec must make one final small investment in Amorfix by December 10, 2008 to maintain the option to license the therapies for use in ALS, which must be exercised by February 10, 2009 or the rights expire.

Amorfix has achieved the first milestone in July 2007 with the creation of disease specific epitope (DSE) monoclonal antibodies for misfolded superoxide dismutase-1; and the second milestone in October 2008 with the demonstration that DSE antibody treatments significantly improved survival in an animal model of ALS. The third and final milestone was achieved by submitting to Biogen Idec a comprehensive final report on all the research performed during the program.

George Adams, CEO of Amorfix, said: “The successful completion of the research alliance with Biogen Idec validates the company’s approach to develop treatments for misfolded protein diseases. We are looking forward to passing the baton to Biogen, who have the resources to quickly progress to the clinical evaluation of our ALS therapies.”