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news.For the development of its Biopump protein technology to produce and deliver clotting protein Factor VIII for the sustained treatment of hemophilia
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Medgenics has signed a preclinical development and option agreement with an international biopharmaceutical company. The agreement is worth up to $7m in payments that will include funding for preclinical development of Medgenics’ Biopump protein technology to produce and deliver clotting protein Factor VIII for the sustained treatment of hemophilia.
As per the agreement, Medgenics is expected to receive $4m to work exclusively with this partner for one year to develop a Biopump. It is to test the feasibility of continuous production and delivery of this clotting protein.
Additionally, a $3 million are payable upon Medgenics meeting certain technical milestones and upon the partner’s exercise of an option to extend the exclusivity through an additional period, to negotiate terms to commercialise the Biopump technology for Factor VIII.
The company said that the new application of the Biopump tissue protein therapeutic platform has previously demonstrated success in the production of erythropoietin (EPO) in treating renal anemia and interferon alpha for use in treating hepatitis-C.
Andrew Pearlman, CEO of Medgenics, said: “We are very excited to have reached this key milestone toward commercialisation of our technology. The fact that this agreement is for a new therapeutic application of our Biopump demonstrates the versatility of our platform technology. It further validates the belief that our platform can be applied to help treat many chronic diseases and will attract further interest from other major partners. It reflects our mutual expectation that this feasibility program will be successful and will lead to a definitive agreement to complete the development and to commercialize this unique and exciting new therapeutic option which could make a major difference in the lives of hemophilic patients.
“While this first agreement is directed to the treatment of hemophilia, Medgenics is continuing its discussions with other potential partners with a view to signing additional agreements for other indications using different therapeutic proteins.”