(Boursier.com) — OSE Immuno climbed 7.3% on Tuesday to 8.80 euros, as the group announced the acceptance of the Investigational New Drug (IND) application by the Food & Drug Administration (FDA) obtained by Veloxis Pharmaceuticals, Inc. for a clinical trial with VEL-101/FR104, a CD28 antagonist monoclonal antibody fragment.
This trial will be sponsored and conducted in the United States by Veloxis Pharmaceuticals, Inc. This milestone was obtained by Veloxis Pharmaceuticals, Inc. under the global licensing agreement signed in April 2021 under which OSE Immunotherapeutics granted Veloxis Pharmaceuticals, Inc. the worldwide rights to develop, manufacture and register FR104, a CD28 antagonist monoclonal antibody fragment, in all indications for transplantation. According to this agreement, the acceptance of the application for IND in the United States triggers the payment of a milestone payment of 5 million euros from Veloxis Pharmaceuticals Inc to OSE Immunotherapeutics.
“This milestone reinforces an announced cash position of 27.3 ME at 06/30/2021 and which gives the company at least financial visibility in Q3 2022… We are maintaining our scenarios at this stage” comments Portzamparc, which is targeting a of 16.10 euros remaining for the purchase on file.
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