CytoDyn acquires Pro 140 from Progenics
Progenics has sold Pro 140 to CytoDyn.
CytoDyn has been in contract negotiations with Progenics Pharmaceuticals and has purchased its experimental humanised monoclonal antibody Pro 140.
The overall purchase price of this deal was $3.5 million and this will see the transfer of the technology to CytoDyn from Progenics, as well as the sale of all associated property and approximately 25 million mgs of the drug.
There will be further payments of $1.5 million when a clinical trial commences, while $5 million will be paid when the new treatment is approved.
Progenics is also to receive five per cent royalty payments when the medicine becomes commercially available.
CytoDyn is focused on the development of treatments for immune deficiency disorders and the biotechnology company's interim president and chief executive officer Dr Nader Pourhassan said: "Pro 140 is the most advanced cell-specific monoclonal antibody to date being tested for the treatment of HIV."
"We are excited about taking it forward through the next stages of clinical development," he added.
Posted by Ron Maverick
Source: CytoDyn press release, October 17th