On March 07, 2018 Aptose Biosciences Inc. ("Aptose") (NASDAQ:APTO) (TSX:APS), a clinical-stage company developing highly differentiated therapeutics that target the underlying mechanisms of cancer, reported an exclusive global license agreement that provides OHM Oncology ("OHM") with the rights for the development, manufacture and commercialization of APL-581, as well as related molecules from Aptose’s dual bromodomain and extra-terminal domain motif (BET) protein and kinase inhibitor program (Press release, Aptose Biosciences, MAR 7, 2018, View Source [SID1234579566]). Aptose will retain reacquisition rights to certain molecules, while OHM will have the rights to develop and sublicense all other molecules.
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"We are pleased to formalize a new phase of our partnership with OHM Oncology, which originated in late 2015 from the work performed by its R&D partner LAXAI Life Sciences (LAXAI) on a discovery stage program," said William G. Rice, Ph.D., Chairman, President and Chief Executive Officer. "We have every faith that OHM can advance the program to the next stage and create value for both organizations and valuable therapeutics for cancer patients."
"Aptose has proven to be an excellent integrated drug discovery partner for LAXAI and this agreement is the outgrowth of our collaboration started in 2015," said Vamsidhar Maddipatla, President of LAXAI Life Sciences. "We greatly appreciate the faith Aptose put in LAXAI in signing this discovery stage program." Ajit Gill, President and CEO of OHM Oncology, added, "We look forward to working in partnership with Aptose and leveraging their experience in developing this molecule to treat certain types of cancers."
Under the agreement, Aptose will receive a nominal upfront cash payment and is eligible to receive up to $125 million of additional payments based on the achievement of certain development, regulatory and sales milestones, as well as significant royalties on future sales generated from the program.