ATL1101 for Cancer – Extension of Option to License Antisense Therapeutics (ASX:ANP) announced on 5th July 2011 that it had granted an Option to an Exclusive License to develop and commercialise ATL1101 to Afandin Pty Ltd, subject to Afandin securing suitable funding agreements for the program.
With the initial 6 month option period close to completion, Afandin has advised ANP that it has made significant progress in attracting interest in the further development of ATL1101 and is currently in discussions with a number of corporate and investor groups, some of which are currently undertaking due diligence on ATL1101.
Consequently, Afandin has requested an extension to the Option to License ATL1101 and ANP has agreed to a further 6 month period to enable Afandin to progress its discussions and funding arrangements for ATL1101’s further development into Phase I/II clinical trials.
Dr. Anthony Filippis, Partner at Afandin said, “We continue to be excited by the prospects for ATL1101. The recent news of Pfizer Inc adding an antisense drug to its pipeline through the acquisition of Excaliard Pharmaceuticals Inc. reinforces the emerging commercial and clinical acceptance of antisense drugs as treatments for a range of disease indications.”
Mark Diamond, CEO and Managing Director of Antisense Therapeutics added, “Given the reported interest that Afandin has generated in what has been a difficult investment market over the last 6 months, we believe that it is reasonable to allow Afandin an extension period in order to advance discussions with parties interested in the further development of ATL1101. Afandin has experienced executives with an excellent track record in cancer drug development and commercialisation and will be an excellent development partner for ATL1101 should they be successful in their ongoing funding discussions.”
ANP Price at posting:
29.0¢ Sentiment: None Disclosure: Held
