Prothena Corporation plc, a late-stage clinical biotechnology company with a robust pipeline of investigational therapeutics built on protein dysregulation expertise, announced that Bristol Myers Squibb exercised its option under the global neuroscience research and development collaboration to obtain the exclusive worldwide commercial rights for PRX005 and will pay Prothena $55 million. PRX005, which is designed to be a best-in-class anti-tau antibody, specifically targets an area within the microtubule binding region (MTBR) of tau for the potential treatment of Alzheimer’s disease.
“Earlier this year, as part of our collaboration with Bristol Myers Squibb, we announced topline data from the single ascending dose portion of the Phase 1 clinical trial showing that PRX005 across three dose cohorts was safe and well tolerated with expected pharmacokinetic properties, meeting the primary objectives of the study. We are proud of our pioneering role in targeting this key region within the MTBR of tau and excited that Bristol Myers Squibb have exercised their option for worldwide rights to PRX005,” said Gene Kinney, PhD, President and Chief Executive Officer, Prothena. “At Prothena, we will continue advancing our broad portfolio of product candidates for Alzheimer’s disease, including PRX012, our next-generation antibody targeting amyloid beta, a well-validated disease pathway, and PRX123 an amyloid beta/tau dual-targeting vaccine with the potential to prevent Alzheimer’s disease. We believe that our portfolio is well-positioned to revolutionize the care of patients suffering from this devastating disease.”
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“PRX005, identified and developed by Prothena through our partnership, has the potential to provide a meaningful disease-modifying treatment option for the millions of people that suffer from Alzheimer’s disease,” said Richard Hargreaves, Senior Vice President and Head of Bristol Myers Squibb’s Neuroscience Thematic Research Center. “PRX005 becomes a key component of our commitment to the Alzheimer’s disease community and our neuroscience portfolio, and we look forward to continuing its development.”
The multiple ascending dose (MAD) portion of the Phase 1 clinical trial for PRX005 is ongoing. All program updates, including results from ongoing and any future PRX005 clinical studies, will be reported by Bristol Myers Squibb going forward.
SOURCE: Businesswire