Celgene Exclusively License GI-6207, a Novel Cancer Immunotherapy

By: Celgene
 
PHILADELPHIA, N.Y. - Aug. 10, 2015 - PRLog -- NEW YORK, NY August 10, 2015 8:30 AM Celgene Corporation (CELG) exercised its option under the 2009 Collaboration and Option Agreement to exclusively license GI-6207, a Tarmogen® product candidate targeting cancers that express carcinoembryonic antigen (CEA).

Source SEC filing: Http://Www.sec.gov/Archives/edgar/data/1245104/000119312515276621/d35446d8k.htm

In the 8-K it shows, Celgene Corporation  exercised its option to exclusively license "GI-6207″ and Under the terms of the agreement, it also mentions Globeimmune Inc.  will receive an upfront option exercise payment of $1.9 Million, and GBIM is eligible for regulatory and sales milestones payments up to 125 Million, as well as royalties on product sales in exchange for a worldwide license. Here are some Historical Payments between Celgene Corporation and Globeimmune before the GBIM (IPO) Initial Public Offering: "Globeimmune Inc. received a $30,000,000 upfront payment to perform research and development and for the option to license products based on the GI-4000, GI-6200, GI-6300 and GI-3000 programs. This payment was made by Celgene in May 2009. Globeimmune Inc. received $1,000,000 in October 2011 and $300,000 in April 2012 from Celgene for additional immunology work for the GI-4000 program." Source: GBIM SEC Filing 10-Q. Currently, Globeimmune Inc. (GBIM) has a 15.5M Market Cap and reported cash and cash equivalents of $14.4 million for the first quarter of 2015 in their latest quarterly filing.

About Celgene

Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation.

About GlobeImmune:

GlobeImmune is a biopharmaceutical company focused on developing products for the treatment of cancer and infectious diseases based on its proprietary Tarmogen® platform. Tarmogens activate the immune system by stimulating cellular immunity, known as T cell immunity, in contrast to traditional vaccines that predominately stimulate antibody production. To date, Tarmogen product candidates have been generally well tolerated in clinical trials for multiple disease indications and are efficient to manufacture. In 2009, the Company entered into a worldwide strategic collaboration and option agreement with Celgene Corporation focused on the discovery, development and commercialization of product candidates intended to treat cancer. Under this agreement, Celgene exercised their option to take an exclusive worldwide license to the GI-6300 Tarmogen product series, including GI-6301, targeting brachyury, as well as taking a license to the GI-6200 product series, including GI-6207, targeting carcinoembryonic antigen. In 2011, the Company entered into a worldwide, strategic collaboration with Gilead Sciences, Inc., to develop Tarmogens intended for the treatment of chronic hepatitis B infection. For additional information, please visit the company’s website.

Corporate Headquarters

1450 Infinite Drive

Louisville, Colorado 80027

CONTACT:

Timothy C. Rodell M.D.

President and Chief Executive Officer

T: 303-625-2820

information@globeimmune.com

Celgene Corporation

Peter N. Kellogg, 908-673-9811

EVP, Chief Financial Officer

or

Patrick E. Flanigan III, 908-673-9969

VP, Investor Relations

End
Source:Celgene
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Tags:Celgene, Globeimmune, Celg, Gbim, Clinical Trials
Industry:Business, Medical
Location:Philadelphia - New York - United States
Subject:Awards
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