Five Prime Therapeutics Announces $25 Million Payment by Bristol-Myers Squibb for Cabiralizumab Development Milestone
January 25 2018 - 4:05PM
Five Prime Therapeutics, Inc. (Nasdaq:FPRX), a biotechnology
company discovering and developing innovative immuno-oncology
protein therapeutics, today announced that a development milestone
for cabiralizumab has been achieved, triggering a $25 million
payment from Bristol-Myers Squibb Company (BMS) (NYSE:BMY) under
the license and collaboration agreement between the companies
established in 2015. The milestone was triggered by initiation of a
multi-arm Phase 2 clinical trial (NCT03336216), sponsored by
Bristol-Myers Squibb Company, evaluating cabiralizumab and Opdivo®
(nivolumab) with and without chemotherapy in patients with advanced
pancreatic cancer.
“Effective treatment for patients with pancreatic cancer remains
a significant unmet need and is a cancer for which existing
immunotherapies have not been successful to date,” said Helen
Collins, M.D., Senior Vice President and Chief Medical Officer of
Five Prime. “We are encouraged by the preliminary data presented at
SITC 2017 and are pleased to see this trial underway.”
The Phase 2 trial is expected to enroll approximately 160
patients with locally advanced or metastatic pancreatic cancer
that has progressed during or after one line of chemotherapy.
About Cabiralizumab (FPA008) Cabiralizumab is
an investigational antibody that inhibits the CSF-1 receptor and
has been shown in preclinical models to block the activation and
survival of monocytes and macrophages. Inhibition of CSF1R in
preclinical models of several cancers reduces the number of
immunosuppressive tumor-associated macrophages (TAMs) in the tumor
microenvironment, thereby facilitating an immune response against
tumors. Cabiralizumab is currently in clinical trials in oncology
indications and in pigmented villonodular synovitis (PVNS).
Cabiralizumab is being developed under an exclusive worldwide
license and collaboration agreement entered into with Bristol-Myers
Squibb (BMS) in October 2015.
About Five Prime Five Prime Therapeutics, Inc.
discovers and develops innovative therapeutics to improve the lives
of patients with serious diseases. Five Prime's comprehensive
discovery platform, which encompasses virtually every medically
relevant extracellular protein, positions it to explore pathways in
cancer, inflammation and their intersection in immuno-oncology, an
area with significant therapeutic potential and the focus of the
company's R&D activities. Five Prime has entered into strategic
collaborations with leading global pharmaceutical companies and has
promising product candidates in clinical and late preclinical
development. For more information, please
visit www.fiveprime.com or follow us on LinkedIn, Twitter and
FacebookCautionary Note on Forward-looking
Statements This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "may," "will," "expect," "plan,"
"anticipate," "estimate," "intend" and similar expressions (as well
as other words or expressions referencing future events, conditions
or circumstances) are intended to identify forward-looking
statements. These forward-looking statements are based on Five
Prime's expectations and assumptions as of the date of this press
release. Each of these forward-looking statements involves risks
and uncertainties. Forward-looking statements contained in this
press release include statements about (i) the progress of the
NCT03336216 clinical trial; and (ii) the potential clinical benefit
of the combination of cabiralizumab and Opdivo to treat patients
with pancreatic cancer. Actual results may differ materially from
these forward-looking statements. Factors that may cause actual
results to differ from those expressed or implied in the
forward-looking statements in this press release are discussed in
Five Prime's filings with the U.S. Securities and Exchange
Commission, including the "Risk Factors" contained therein. Except
as required by law, Five Prime assumes no obligation to update any
forward-looking statements contained herein to reflect any change
in expectations, even as new information becomes available.
OPDIVO® is a registered trademark of Bristol-Myers
Squibb Company. CONTACT: Heather RoweSenior
Director, Investor Relations and Corporate
Communications415-365-5737heather.rowe@fiveprime.com
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