Percheron Therapeutics (ASX:PER) has entered into a worldwide exclusive license agreement with Hummingbird Bioscience, a venture-backed biotechnology company based in Singapore, for HMBD-002, a monoclonal antibody therapy with potential applications in various cancer indications.
Percheron said it expects to initiate a clinical trial of HMBD-002 in calendar year 2026.
Hummingbird has granted Percheron an exclusive worldwide license to develop, manufacture, and commercialise HMBD-002 in all territories and indications.
Under the terms of the agreement, Percheron will pay Hummingbird an upfront amount of US$3 million, contingent milestone payments of up to US$287 million, plus royalties on net sales of a commercial product.
HMBD-002 is a recombinant monoclonal antibody therapy that targets VISTA (vdomain immunoglobulin suppressor of T-cell activation). VISTA is a novel target involved in the body’s immune response to cancer.
Percheron stated that some FDA-approved therapies rely on other pathways to modulate the immune response to cancer, and VISTA potentially represents a new mechanism for treating a diverse range of tumours.
HMBD-002 has successfully completed a Phase 1 clinical trial in the US, under an Investigational New Drug (IND) application with the FDA, which showed the drug to be pharmacologically active and generally safe and well-tolerated.
“This is a transformative step for our company,” said Percheron CEO, Dr James Garner. “After the challenges of recent months, we are once again, a mid-clinical-stage drug development business. We remain absolutely committed to answering unmet medical need. Hummingbird lies at the cutting edge of novel drug design, and we are delighted to partner with them to take forward this very promising drug candidate. HMBD-002 has already completed a phase I human trial, under the oversight of the US FDA, and our priority is now to chart its course through phase II and towards commercialisation.
"The need for new therapeutic options in oncology remains substantial, and we very much hope that this exciting program can bring meaningful benefit to patients confronting the enormous challenge of a cancer diagnosis," said Dr Garner.
Percheron Therapeutics recently announced that it would discontinue the development of avicursen (ATL1102) after it missed endpoints in a Phase 2b trial in non-ambulant boys with Duchenne muscular dystrophy.
“We are pleased to pass the baton on HMBD-002 to the Percheron team,” said Hummingbird CEO, Dr Piers Ingram. “Our company has recently made a strategic decision to focus on other key programs and technologies, including HMBD-001, our HER3 program, as well as our inflammation and immunity antibody-drug conjugate pipeline. Nevertheless, we have invested considerable resources and energy into the HMBD-002 program and are delighted to see it continue to move forward under Percheron’s oversight. We remain strong believers in the asset, and we look forward to seeing Percheron’s success as it returns to the clinic.”