Pharmaxis secures another milestone payment

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Sydney-based Pharmaxis (ASX:PXS) has received another $15 million milestone payment from Boehringer Ingelheim related to the development of BI 1467335.

The latest milestone payment was triggered by the dosing of the first patient in a Phase 2a clinical trial of the molecule in diabetic retinopathy.

Diabetic retinopathy is the second disease targeted with BI 1467335. The oral inhibitor of amine oxidase, copper containing 3 (AOC3)1, is also in development for nonalcoholic steatohepatitis (NASH).

Boehringer Ingelheim acquired global ownership of BI 1467335 in May 2015. Under the terms of its agreement, Pharmaxis could receive over $600 million in development milestone payments, plus sales milestones and royalties.

The new trial will randomise 100 patients to either drug or placebo for a 12-week treatment period with an additional 12‐week follow‐up period. Pharmaxis said the study is expected to report in the second half of 2018.

Diabetic retinopathy is the leading cause of vision‐loss in adults aged 20‐74. Approximately one third of the 285 million people living with the disease globally have signs of the disease.

“This milestone payment marks the expansion of the Boehringer Ingelheim development plan for BI 1467335 into two diseases, where all the potential development milestones in the deal (~A$625m), would be payable to Pharmaxis should both indications be approved," said Pharmaxis CEO, Gary Phillips.  

"Both development plans attract the same total development payments through to approval, with the 2nd indication milestone payments weighted more towards approval. The next milestones from BI are payable if they choose to commence phase 3 trials, at which time the two indications would attract a total of €62 million in milestones.”