On October 4, 2012 RuiYi (formerly Anaphore) and arGEN-X BV reported that arGEN-X has granted a worldwide exclusive license to RuiYi to develop and commercialize ARGX-109, a novel anti-IL-6 monoclonal antibody discovered and developed by arGEN-X (Press release arGEN-X, OCT 4, 2012, View Source [SID:1234500574]).
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Under the agreement, RuiYi will make an upfront payment to arGEN-X consisting of cash and equity. arGEN-X is also eligible to receive additional payments based on the achievement of certain clinical, regulatory and commercialization milestones and royalties based on worldwide net sales of therapeutic products.
"The arGEN-X SIMPLE Antibody technology enables novel antibodies with outstanding features of potency, human composition and manufacturability," said Paul Grayson, President and CEO of RuiYi. "ARGX-109 was carefully selected based on its physical and biologic attributes and its range of potential clinical applications in both inflammatory diseases as well as oncology indications. Furthermore, the addition of this molecule accelerates our growth as an early development stage company in China."
"We are excited to partner our first preclinical program so early in our lifetime as a therapeutic antibody company," added Tim Van Hauwermeiren, Chief Executive Officer of arGEN-X. "We believe RuiYi’s development strategy of first developing ARGX-109 in China is a highly innovative approach to drug development and will maximize the clinical and commercial potential of ARGX-109."