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Portfolio company PsiOxus Therapeutics signs exclusive worldwide licence agreement with BMS for NG-348 its first “armed” oncolytic virus

Portfolio company PsiOxus Therapeutics signs exclusive worldwide licence agreement with BMS for NG-348 its first “armed” oncolytic virus

Imperial Innovations Group plc (AIM: IVO, ‘the Group’, ‘Innovations’) is pleased to note that portfolio company PsiOxus Therapeutics (‘PsiOxus’ or the ‘Company’) has announced an agreement granting Bristol-Myers Squibb exclusive worldwide rights to NG-348, a pre-clinical stage, “armed” oncolytic virus which may serve as a novel mechanism to address solid tumours.

Under the terms of the agreement, Bristol-Myers Squibb will grant PsiOxus a US$50 million upfront payment and will be solely responsible for global clinical development and commercialisation activities related to NG-348. PsiOxus is also eligible to receive up to US$886 million in development, regulatory and sales-based milestones, and in addition, royalties on net sales. Bristol-Myers Squibb will also be responsible for providing PsiOxus funding to support activities related to the preclinical development of NG-348.

PsiOxus is an Oxford-based immuno-oncology company that has developed a patented platform for the systemic delivery of tumour-targeted oncolytic immune therapeutics. NG-348 is the first of PsiOxus’ viruses to use its proprietary Tumour-Specific Immuno-gene Therapy (T-SIGn) platform to “arm” the virus with additional immuno-therapeutic transgenes. This makes possible the creation of a broad range of systemically delivered oncolytic immune therapeutics, including oncolytic viruses that express one or more antibodies, cytokines, immunomodulatory proteins, and nucleotide (RNA)-based payloads.

This announcement is the second collaboration between PsiOxus and Bristol-Myers Squibb and follows an agreement announced in June 2016 under the terms of which the two companies entered into an exclusive clinical collaboration to study enadenotucirev, PsiOxus’ systemically administered “unarmed” oncolytic adenovirus therapeutic.

PsiOxus is Innovations’ fifth largest portfolio company by value.  As at 31 July 2016, Innovations had a 27.8% interest in the issued share capital of PsiOxus with a net investment carrying value of £22.6 million.

Russ Cummings, Chief Executive Officer, Imperial Innovations commented:

“We are very excited about this agreement, which is PsiOxus’ second major collaboration with BMS and a strong validation of the company’s proprietary platform for the systemic delivery of oncolytic immune therapeutics. BMS has deep expertise in immuno-oncology and the resources to continue the development of NG-348 and drive this programme into clinical development. 

“PsiOxus will benefit from a substantial upfront payment which it can invest in developing further T-SIGn armed viruses. The total deal size of US$936 million is indicative of the significant potential value of the collaboration.

“Another of our portfolio companies Crescendo Biologics recently announced a collaborative agreement with Takeda worth up to US$790 million. Both deals highlight Innovations’ strength in oncology and are important validations of our maturing therapeutics portfolio.”

About Imperial Innovations
Imperial Innovations Group plc (“Innovations”) creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the 'Golden Triangle', the geographical region broadly bounded by London, Cambridge and Oxford.

This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world’s top 10 universities, as well as leading research institutions, the cream of the UK’s science and technology businesses and many of its leading investors.

Innovations supports scientists and entrepreneurs in the commercialisation of their ideas, through the licensing of intellectual property, by leading the formation of new companies, by recruiting high-calibre management teams and by providing investment and encouraging co-investment. Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations’ investment going into businesses in which it is already a shareholder.

Since becoming a public company in 2006, Innovations has raised more than £440 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has agreed £80.0 million in loan facilities from the European Investment Bank (EIB).

Between Innovations’ admission to AIM (August 2006) and 31 July 2016, Innovations has invested a total of £306.7 million across its portfolio companies, which have raised collectively investment of £1.5 billion.

Issued for and on behalf of Imperial Innovations by Instinctif Partners.
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Melanie Toyne-SewellManaging Partner