(March 5, 2021) PharmaEngine (TWO:4162) announced today to terminate the Exclusive License and Collaboration Agreement for NBTXR3 entered into by and between PharmaEngine and Nanobiotix in August 2012. PharmaEngine will grant back to Nanobiotix the exclusive right for the development and commercialization of PEP503 (NBTXR3) in Asia Pacific Region. PharmaEngine is entitled to a total amount of US$12.5 million of milestone payments upon achievement of certain milestones, as well as tiered royalties on net product sales of NBTXR3 in the Asia Pacific Region.
Nanobiotix notified PharmaEngine of a material breach of the terms of the License and Collaboration agreement on November 20, 2020. In a letter dated December 1, 2020, PharmaEngine responded to Nanobiotix’s notification of material breach, denying a material breach of the License Agreement and asserting certain material breaches of that agreement by Nanobiotix. After discussion between the two parties, this agreement to terminate the License and Collaboration Agreement represents a full resolution of outstanding disagreements over a number of issues with respect to the development of NBTXR3 in the Asia-Pacific region.
“The termination of the collaboration relationship with Nanobiotix will not affect PharmaEngine’s efforts for new drug development. In addition, we expect that Nanobiotix could expedite commercialization of NBTXR3 worldwide.” said Hong-Ren Wang, PhD, President and Chief Executive Officer of PharmaEngine. “We will concentrate our efforts to accelerate licensing in of new products and strengthening our pipelines in order to provide additional treatment opportunities for patients in the near future.”
About SOL-578
SOL-578 is a best-in-class checkpoint kinase 1 (Chk1) inhibitor featuring high kinase selectivity and oral bioavailability which targets the DNA Damage Response (DDR) network. Checkpoint kinases play a crucial role in the cellular response to DNA damage. Chk1 inhibitors potentiate the DNA-damaging effects of cytotoxic therapies and/or promote elevated levels of replication stress, leading to tumor cell death. SOL-578 has demonstrated single-agent activity in preclinical cancer models with high levels of replication stress. SOL-578 can be used as a single agent, or additive and synergistic with other DDR targeted drugs, in hematological and solid tumors.
About PharmaEngine (TWO: 4162)
PharmaEngine, Inc. is a commercial stage oncology company headquartered in Taipei, focusing on the development of new medications for the treatment of cancer. PharmaEngine has three ongoing projects: ONIVYDE (Irinotecan Liposome Injection) has received marketing authorizations more than 40 countries worldwide, including Taiwan, US, Europe, Japan and Korea, for the treatment of metastatic pancreatic cancer patients who have progressed on gemcitabine; PEP503 (NBTXR3) has achieved a positive global pivotal trial in soft tissue sarcoma, and is under evaluation for the treatment of other cancers. For further information, please visit PharmaEngine’s website at http://www.pharmaengine.com.
About Sentinel Oncology Limited
Sentinel Oncology’s mission is to increase survival and improve outcomes for cancer patients with CNS tumours. Neuro-oncology is an extreme unmet medical need with no new small molecule drugs developed since the approval of Temozolomide in 2005. Despite the approval of numerous targeted drugs within oncology, there is a lack of drugs that can penetrate the brain and treat primary brain cancers. The vision of Sentinel Oncology Limited is to establish itself as a leader in Neuro-Oncology, an area in desperate need for new drugs not currently served by the pharmaceutical and biotech sector. Find out more by visiting Sentinel Oncology’s website at http://www.sentineloncology.com.
About PharmaEngine (TWO: 4162)
PharmaEngine, Inc. is a commercial stage oncology company headquartered in Taipei, focusing on the development of new medications for the treatment of cancer. PharmaEngine has three ongoing projects: ONIVYDE (Irinotecan Liposome Injection) has received marketing authorizations more than 40 countries worldwide, including Taiwan, US, Europe, Japan and Korea, for the treatment of metastatic pancreatic cancer patients who have progressed on gemcitabine; PEP503 (NBTXR3) has achieved a positive global pivotal trial in soft tissue sarcoma, and is under evaluation for the treatment of other cancers. For further information, please visit PharmaEngine’s website at http://www.pharmaengine.com.