On July 31, 2023 Alligator Bioscience (Nasdaq Stockholm: ATORX) reported that Technical Feasibility in the second program under the research collaboration and license agreement with Orion Corporation, which aims to discover and develop new bispecific antibody cancer therapeutics, has been achieved (Press release, Alligator Bioscience, JUL 31, 2023, View Source [SID1234633529]).
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The initiation of the second program was announced in January 2023 and the achievement of Technical Feasibility ensures the second research collaboration continues as planned, triggering a new milestone payment to Alligator.
In May 2023, the companies announced that Orion had selected bispecific lead antibodies in the companies’ first program and was exercising its option to develop these molecules further. Alligator is continuing to generate additional data in order for Orion to select the final development candidate.
"Achieving Technical Feasibility is an important milestone in our collaboration with Alligator to develop new immuno-oncology treatments," said Outi Vaarala, Senior Vice President, Innovative Medicines and R&D, Orion Corporation. "We are continuing to make highly encouraging progress towards identifying a final product candidate for clinical development "
"Our partnership with Orion continues to highlight the robust discovery and development capability of our technology platforms, in particular our ability to generate bispecific antibodies activated only in the presence of pre-specified proteins," said Søren Bregenholt, CEO of Alligator Bioscience. "It is also a great example of how strategic collaborations can increase the number of indications we can target within our pipeline, extend our patient reach, and maximize value for our company and shareholders."
Under the initial agreement signed in 2021, Alligator is employing its proprietary phage display libraries and RUBY bispecific antibody format to develop immuno-oncology drug candidates based on targets selected by Orion. Alligator is eligible for development, approval and sales milestone payments in addition to royalties if Orion continues developing and commercializing the resulting product candidates.