Eurobio Scientific Receives a $430,000 Milestone Payment From Allergan
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
| Disclaimer
This press release contains elements that are not historical facts including, without limitation, certain statements about future expectations and other forward-looking statements. Such statements are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, profitability or events to differ materially from those anticipated. In addition, Eurobio Scientific, its shareholders, and its affiliates, directors, officers, advisors and employees have not verified the accuracy of, and make no representations or warranties in relation to, statistical data or predictions contained in this press release that were taken or derived from third party sources or industry publications. Such statistical data and predictions are used in this press release for information purposes only. Finally, this press release may be drafted in the French and English languages. If both versions are interpreted differently, the French language version shall prevail. About Eurobio Scientific Eurobio Scientific is a key player in the field of specialty in vitro diagnostics. It is involved from research to manufacturing and commercialization of diagnostic tests in the fields of transplantation, immunology and infectious diseases, and sells instruments and products for research laboratories, including biotechnology and pharmaceutical companies. Through many partnerships and a strong presence in hospitals, Eurobio Scientific has established its own distribution network and a portfolio of proprietary products in the molecular biology field. The Group has approximately 148 employees and three production units based in the Paris region, in Germany and in the United States, and several affiliates based in Dorking UK, Sissach Switzerland, Bünde Germany and Utrecht in The Netherlands. For more information, please visit : www.eurobio-scientific.com The company is publicly listed on the Euronext Growth market in Paris |
| Contacts |
| Group Eurobio Scientific Denis Fortier, General Manager Hervé Duchesne de Lamotte, General Manager Tel. +33(0) 1 69 79 64 80 |
Calyptus Mathieu Calleux / Gregory Bosson Investors relations Tel. +33(1) 53 65 68 68 eurobio-scientific@calyptus.net |
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