Circadian regains rights to VEGFR-3 antibody

Company News

Melbourne-based Circadian Technologies (ASX:CIR) has announced that US-based pharmaceutical company Eli Lilly will discontinue development of their VEGFR-3 antibody IMC-3C5.

As a result, the company will terminate its exclusive license to Circadian’s intellectual property covering therapeutic use of antibodies to VEGFR-3.

Termination of the license will be effective within 60 days, at which time the rights to the relevant IP will revert to Circadian.

According to Megan Baldwin, PhD, CEO and Managing Director of Circadian, “The return of IP rights covering the use of VEGFR-3 antibodies for all fields, including ophthalmology, strengthens Circadian’s intellectual property position, particularly in relation to our OPT-302 program for the treatment of wet AMD. Reversion of the IP provides Circadian with greater flexibility for negotiation of any future IP licenses that are more aligned with our revised strategy to focus on ophthalmology indications.”

She continued, “We thank Eli Lilly for its collaboration with an important outcome being IMC-3C5 advancing through a Phase 1 clinical study for cancer patients.”

Under the agreement, which was signed in 2004 by the Ludwig Institute for Cancer Research and novated to Circadian Technologies, Eli Lilly had an exclusive license to Circadian’s IP to develop a VEGFR-3 antibody, in return for an annual license fee payable to Circadian.

Circadian said termination of the license agreement will not have any material impact on its financial projections as the company’s forecasts do not include annual license income from Eli Lilly.

"Furthermore, the termination of the agreement does not have any impact on Circadian’s program to develop OPT-302 for the treatment of wet age-related macular degeneration (wet AMD), other than providing Circadian with more comprehensive IP coverage for agents targeting the VEGFR- 3 pathway, including those for ophthalmology applications," it said.