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Antisense executes license agreement with Afandin

Antisense Therapeutics Limited has executed an agreement for an exclusive option to license its second generation antisense compound ATL1101 with Afandin Pty. Ltd., an Australia-based biotechnology company.

Under the terms of the Agreement, Afandin has been granted an option to license ATL1101 to further develop and commercialize the compound for cancer applications subject to Afandin securing an agreed amount of development funding which it is to source over the next 6 months. This funding will be applied to moving ATL1101 into a Phase I/II clinical trial in prostate cancer patients.

ATL1101, which targets the insulin-like growth factor I receptor (IGF-IR), has been shown in animal studies previously conducted by ANP to suppress human prostate tumour growth. IGF-IR inhibition is known to suppress the growth of a variety of tumours, positioning ATL1101 as a potential treatment for a range of different cancer types.

Based on successfully raising the required funds and exercising its Option to License ATL1101, a new corporate entity will be created that will be co-owned and managed by Afandin. Upon execution of a License Agreement, the new entity will hold the license to develop and commercialize ATL1101.

In return for the license to ATL1101, ANP will receive a significant equity stake in the new entity and will also receive a significant percentage of the commercialization benefits including a percentage of any future licensing income received and a percentage of the royalties on ATL1101 sales.

Importantly for ANP, this arrangement allows for the further development of ATL1101 by a team experienced in oncology clinical drug development while providing non-dilutive funding for the project.

"The blocking of IGF-1R is an exciting approach for the treatment of cancer. The team at Antisense Therapeutics has developed a high quality preclinical data package for ATL1101 and we look forward to the opportunity of progressing the drug into the clinic", said Dr Anthony Filippis from Afandin. Antisense Therapeutics CEO and Managing Director, Mark Diamond added "The team at Afandin are well credentialed to undertake the further development of ATL1101 and we are pleased to have continued exposure to the success of the drug through an ownership stake and on the back of any potential licensing or M&A deals struck in the future.