On January 21, 2020 Diaprost entered into an exclusive Research and Option Agreement with a Top 10 Pharmaceutical company strategic partner in October 2017 (Press release, Diaprost, JAN 21, 2020, View Source [SID1234553389]). Diaprost now announces that its strategic partner has exercised its option to acquire rights to its h11B6 antibody.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

An upfront payment and research funding has already been paid and an early-stage clinical trial has been initiated. In payments made prior to option exercise, Diaprost received $13M. The option fee and potential future payments, including commercial milestones, for its h11B6 antibody for prostate cancer may be up to $90 million. No royalties are payable.

Diaprost announced that its partner has exercised its option, under which its partner acquires Diaprost’s patents and assets for antibody h11B6, and its associated target. H11B6 has advanced to clinical development for prostate cancer, the most common cancer in men and with a high unmet medical need. Work completed since October 2017 has successfully demonstrated the potential of the therapy and the partner now wishes to gain full rights.

"We believe the early exercise of the Option by our strategic partner shows the potential of both Diaprost and the h11B6 program," said Johan Drott, CEO of Diaprost. "We believe going forward, h11B6 has the potential to be an important new oncology therapy for patients."