BioInvent receives $3 million payment related to selection of antibodies under collaboration with Pfizer Inc.
BioInvent International AB (OMXS: BINV ), a biotech company focused on the discovery and development of novel and first-in-class immune-modulatory antibodies for cancer immunotherapy, today announced that Pfizer Inc. (“Pfizer”) (NYSE: PFE) has selected antibodies directed at a previously-selected target under the companies’ cancer immunotherapy research collaboration and license agreement.
The agreement, into which the companies entered in December 2016, covers developing antibodies from BioInvent’s proprietary F.I.R.S.TTM drug discovery platform targeting tumor-associated myeloid cells.
The selection of these antibodies triggers a payment from Pfizer to BioInvent of $3,000,000. BioInvent is eligible for further milestone payments from development of these antibodies and potential selection and development of further antibodies directed at the same target.
BioInvent’s CEO Martin Welschof said: “Pfizer’s selection of antibodies under our agreement is a great demonstration of the actionable leads generated by our drug discovery technology platform. We are very pleased with how our partnership is progressing and look forward to further strengthening our collaboration. Our F.I.R.S.TTM platform is a patient-centric approach, drawing on our high-quality n-CoDeR® antibody library to produce promising drug candidates, and we believe this partnership is an important validation of this technology.”