This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dyax Corp. And Kadmon Sign Strategic Licensing Agreement For DX-2400

Dyax Corp. (NASDAQ:DYAX) and Kadmon Corporation, LLC (Kadmon) announced today that they have entered into a strategic licensing agreement in which Kadmon has been granted an exclusive worldwide license for the development and commercialization of the fully human monoclonal antibody DX-2400, a potent and selective antibody inhibitor of matrix metalloproteinase 14 (MMP-14). MMP-14 is a key enzyme in a molecular pathway thought to play a role in tumor blood vessel formation (angiogenesis) in addition to affecting tumor growth and cell migration. Under the terms of the agreement, Dyax will receive an upfront payment, and is eligible for significant development and commercial milestone payments, in addition to tiered royalties on commercial sales up to a double-digit rate. As an exclusive licensee, Kadmon will be responsible for further development and commercialization of DX-2400, which is currently in investigational new drug (IND) application-enabling studies.

"Kadmon’s management team has a proven track record of successfully developing and commercializing important, new oncology products,” stated Gustav Christensen, President and Chief Executive Officer of Dyax. "This strategic agreement further validates Dyax's capabilities to successfully discover novel antibody drug candidates utilizing our proprietary phage display technology and advance the resulting drug candidates into development."

“This agreement expands on our longstanding relationship with Dyax and their antibody technology platform,” stated Samuel D. Waksal, Ph.D. Chairman and CEO of Kadmon. “We believe MMP-14 is an important piece of the puzzle for overcoming cancer’s growth, proliferation and resistance mechanisms. In particular, its role in tumors and ocular disease neovascularization represents a unique target opportunity that may be complementary to other antiangiogenic therapies on the market and in development. We look forward to developing this candidate, and to fully understanding its synergistic potential with our oncology pipeline products.”

Targeting MMP-14 has therapeutic potential in multiple oncology indications where human tumor tissue sample analysis has confirmed high levels of active MMP-14. In published work, Dyax has previously demonstrated DX-2400 mediated inhibition of primary tumor growth, metastasis and angiogenesis in preclinical models of breast, melanoma and prostate cancer.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,234.71 -51.03 -0.28%
S&P 500 2,128.45 -2.37 -0.11%
NASDAQ 5,091.3550 +0.5610 0.01%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs