Mar 2 2010
ImmunoCellular Therapeutics, Ltd. (OTCBB: IMUC), a biotechnology company
that is developing immune based therapies for the treatment of various
forms of cancer, announced today it received a Notice of Allowance on
monoclonal antibody ICT-69 which targets multiple myeloma and ovarian
cancers. The antibody has demonstrated high specificity to these cancers
by targeting a novel cell surface antigen.
“We continue to
be excited about working with the Roche Group in the development of this
product.”
The new patent allows for a broad extension of the intellectual property
to cover other chimeric antibodies or antibody-conjugates targeting the
same antigen. Additionally, the company has 7 granted US patents and 8
issued international patents, and over 25 pending patents.
“This approval strengthens our intellectual property rights and
potential value of our product ICT-69 significantly,” said Manish Singh,
PhD, President and CEO of ImmunoCellular Therapeutics. “We continue to
be excited about working with the Roche Group in the development of this
product.”
The company has a research and license option agreement regarding its
ICT-69 antibody with the Roche Group, one of the world's leading
research-focused healthcare groups in the fields of pharmaceuticals and
diagnostics. Under the terms of the agreement, the Company will license
to Roche the rights to investigate the potential of ICT-69 in the
diagnosis and treatment of multiple myeloma and ovarian cancer for an
upfront payment. Upon completion of the evaluation period, Roche has the
right to acquire for an option exercise payment a commercial license for
ICT-69 from IMUC, which would result in total payments due to the
Company of up to $32 million in the event that all developmental
milestones are met. Royalties also will be payable to IMUC based on
Roche's worldwide sales of ICT-69 products.
SOURCE ImmunoCellular Therapeutics
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