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4SC's associated company Panoptes Pharma concludes license agreement with Mediolanum for compound PP-001 for inflammatory eye diseases
Under the terms of the agreement, Mediolanum will acquire marketing rights to Panoptes Pharma's PP-001, a small molecule which is currently in preclinical development as potential next generation treatment for several inflammatory eye diseases including non-infectious uveitis. Under the terms of the agreement, Panoptes received an upfront payment, and is eligible for developmental and sales milestones and royalties on net sales. Mediolanum will have marketing rights over two main European countries, while Panoptes will retain marketing rights in all other countries. Other terms of the deal were not disclosed.
PP-001 was orginally discovered by 4SC Discovery GmbH. In 2013, 4SC Discovery GmbH transfered the IP rights to PP-001 to Panoptes Pharma and received a 24.9% equity stake in Panoptes Pharma in return. In addition, 4SC Discovery GmbH is entitled to performance-based milestone payments from Panoptes Pharma and royalties based on the sales revenue generated with PP-001.
Franz Obermayr, CEO of Panoptes Pharma stated: "This agreement with Mediolanum validates and strengthens our development strategy for PP-001. We have made excellent progress in our PP-001 program at Panoptes and the partnering with Mediolanum will substantially finance our development program in the future."
Dr. Daniel Vitt, Managing Director of 4SC Discovery GmbH and Chief Scientific Officer at 4SC AG, comments: "We are very pleased about the license agreement of our associate company Panoptes with Mediolanum for the compound PP-001. This is a great validation of the large innovative and market potential of PP-001, which was originally discovered by 4SC and assigned to Panoptes. It thus demonstrates the vast scientific potential of 4SC's own drug discovery platform. We look forward to the further succesful development of PP-001."
About Panoptes Pharma and the compound PP-001
Panoptes Pharma is a privately held biotech company, located in Vienna, Austria and is focused on developing small molecule based therapies for the treatment of severe eye diseases with high unmet medical need. PP-001 is a selective anti-inflammatory small molecule compound which has demonstrated efficacy in preclinical models in ophthalmology. Additionally, PP-001 significantly inhibits abnormal blood vessel growth in the back of the eye (choroidal neovascularization) in an animal model for autoimmune uveitis. Inhibition of choroidal neovascularization (CNV) is mediated by the inhibition of vascular endothelial growth factor (VEGF) by PP-001. CNV is one of the most severe causes of visual impairment in patients with posterior uveitis. PP-001 was orginally discovered by 4SC Discovery GmbH and licensed to Panoptes Pharma in 2013.
Mediolanum is a privately owned pharmaceutical Group founded in 1972 by Mr Rinaldo Del Bono. Its Headquarters are located in Milan, Italy. Core commercial therapeutic areas are cardiovascular, osteoporosis and diabetes. From an R&D standpoint, Mediolanum is focusing on innovative treatments such as cancer vaccines. The Group employs around 450 people with an aggregated turnover of circa EUR200 million.
Cautionary statement regarding forward-looking statements
This press release contains certain forward-looking statements. Any forward-looking statement applies only on the date of this press release. By their nature, forward-looking statements are subject to a number of known and unknown risks and uncertainties that may or may not occur in the future and as a result of which the actual results and performance may differ substantially from the expected future results or performance expressed or implied in the forward looking statements. No warranties or representations are made as to the accuracy, achievement or reasonableness of such statements, estimates or projections, and 4SC AG has no obligation to update any such information or to correct any inaccuracies herein or omission herefrom which may become apparent.
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