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EUROBIO SCIENTIFIC RECEIVES A $430,000 MILESTONE PAYMENT FROM ALLERGAN
Transition to clinical stage of a molecule derived from the former collaboration
Paris, October 6, 2021 – 8:00 am
Eurobio Scientific (FR0013240934, ALERS, eligible PEA-PME), a leading French group in the field of specialty in vitro medical diagnostics, announces today that it received from Allergan (now AbbVie) a milestone payment of US $ 430,000 as part of an IND submission to the US FDA for the transition to clinical phase of the AGN-231868 molecule in the treatment of the dry eye syndrome.
A valuable therapeutic asset
As part of the former collaboration between both companies, Eurobio Scientific's genomic profiling technology was used to identify potential targets for therapeutic treatments in the field of ophthalmology. On the basis of the positive results obtained, Allergan undertook a medicinal chemistry development which made it possible to identify new molecules, one of which showing promising potential for the treatment of the dry eye syndrome. The main compound resulting from this development demonstrated interesting biological properties in multiple preclinical ocular models, and a sufficient tolerance profile to move to the following stages of development.
As provided for in the collaboration agreement, a milestone payment of US $ 500,000 less half of patent related fees was made to Eurobio Scientific by Allergan when the IND application was filed with the FDA.
During the clinical development of AGN-231868, Eurobio Scientific remains eligible to other milestone payments linked to successful transitions to further clinical stages. If the molecule reaches marketing approval, the company will also receive milestone payments and be eligible to royalty payments on future sales.
Hervé Duchesne de Lamotte, Deputy General Manager of Eurobio Scientific says: “Eurobio Scientific’s therapeutics program lives on, thanks to its longtime partner Allergan. This IND is a good indication of the value of our therapeutic assets which also include molecules under development in oncology by Felicitex, a US biotech company.”
“I would like to thank the Allergan Research and Development team who kept on moving this program with full support of its management, and look forward to a successful development of this therapeutic asset under the new AbbVie entity.” concludes Denis Fortier, Deputy General Manager of Eurobio Scientific.
Next financial meeting
Half-year results 2021: October 12, 2021, after market close
Group Eurobio Scientific