CAMBRIDGE, Mass., May 21, 2020 /PRNewswire/ -- Synlogic, Inc.
(Nasdaq: SYBX), a clinical stage company applying synthetic biology
to beneficial microbes to develop novel, living medicines, today
announced the termination of its collaboration with AbbVie, a
global, research-based biopharmaceutical company, for the
development of Synthetic Biotic medicines for the potential
treatment of inflammatory bowel disease (IBD).
AbbVie and Synlogic have been prosecuting specified Synthetic
Biotic programs through discovery activities. The companies have
decided to terminate their collaboration on these programs.
Upon termination, Synlogic regains all rights to develop these
and new IBD Synthetic Biotic medicines for all effectors targeting
IBD. This allows Synlogic to fully leverage its expertise in strain
engineering, quantitative biology, regulatory, and manufacturing of
living medicines to expand its wholly owned GI-based program
portfolio to include IBD. Synlogic further regains the rights to
partner its IBD programs.
"Our collaboration with AbbVie has allowed us to advance our
understanding of the Synthetic Biotic platform for the treatment of
IBD," said Aoife Brennan, M.B.,
B.Ch., Synlogic's president and chief executive officer. "Regaining
worldwide rights to develop treatments for IBD allows us to expand
our efforts with freedom to explore new areas of biology and
potential partnerships. We remain committed to bringing novel
living medicines to patients suffering from the chronic effect of
these diseases."
About the AbbVie Collaboration Agreement
Under the
terms of the original agreement, Synlogic provided AbbVie with an
exclusive option to acquire a Synlogic subsidiary ('IBDCo'), which
would then have an exclusive worldwide license to develop and
commercialize Synthetic Biotic medicines for the treatment of
IBD. AbbVie agreed to pay Synlogic IBDCo an upfront payment of
$2.0 million, received in
December 2015, and up to $16.5 million upon the achievement of certain
research milestones.
About Synlogic
Synlogic is pioneering the development
of a novel class of living medicines, Synthetic Biotic medicines,
based on its proprietary drug development platform. Synlogic
leverages the tools and principles of synthetic biology to
genetically engineer probiotic microbes to perform or deliver
critical functions missing or damaged due to disease. The Company's
lead program, SYNB1618, targets PKU. When delivered orally,
Synthetic Biotic medicines can act from the gut to compensate for
the dysfunctional metabolic pathway and have a systemic effect,
with the potential to significantly improve symptoms of disease for
affected patients. In addition, the Company is leveraging the broad
potential of its platform to create Synthetic Biotic medicines for
the treatment of more common diseases, including inflammatory and
immune disorders, and cancer. Synlogic's first immuno-oncology
program, SYNB1891, is in clinical development for the treatment of
solid tumors and lymphoma. For more information, please visit
www.synlogictx.com.
Forward-Looking Statements
This press release contains
"forward-looking statements" that involve substantial risks and
uncertainties for purposes of the safe harbor provided by the
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, included in this press
release regarding strategy, future operations, clinical development
plans, future financial position, future revenue, projected
expenses, prospects, plans and objectives of management are
forward-looking statements. In addition, when or if used in this
press release, the words "may," "could," "should," "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "predict" and
similar expressions and their variants, as they relate to Synlogic
may identify forward-looking statements. Examples of
forward-looking statements, include, but are not limited to,
statements regarding the potential of Synlogic's platform to
develop therapeutics to address a wide range of diseases including:
cancer, inborn errors of metabolism, and inflammatory and
immune disorders; the future clinical development of Synthetic
Biotic medicines; the approach Synlogic is taking to discover and
develop novel therapeutics using synthetic biology; and the
expected timing of Synlogic's clinical trials and availability of
clinical trial data. Actual results could differ materially from
those contained in any forward-looking statement as a result of
various factors, including: the uncertainties inherent in the
clinical and preclinical development process; the ability of
Synlogic to protect its intellectual property rights; and
legislative, regulatory, political and economic developments, as
well as those risks identified under the heading "Risk Factors" in
Synlogic's filings with the SEC. The forward-looking statements
contained in this press release reflect Synlogic's current views
with respect to future events. Synlogic anticipates that subsequent
events and developments will cause its views to change. However,
while Synlogic may elect to update these forward-looking statements
in the future, Synlogic specifically disclaims any obligation to do
so. These forward-looking statements should not be relied upon as
representing Synlogic's view as of any date subsequent to the date
hereof.
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SOURCE Synlogic, Inc.