TIDMIPO
RNS Number : 6292Z
IP Group PLC
18 December 2017
FOR RELEASE ON 18 December 2017
THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.
IP Group plc - Portfolio company Autifony Therapeutics signs
EUR627.5 million collaboration agreement with Boehringer
Ingelheim
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that Touchstone Innovations portfolio company Autifony
Therapeutics Limited ("Autifony") has announced that it has signed
an agreement with Boehringer Ingelheim about certain aspects of
Autifony's voltage gated potassium channel modulator platform.
Autifony is a UK-based biotechnology company formed in 2011 as a
spin-out from GSK with investment from Touchstone Innovations plc.
Autifony is focused on the development of high value, novel
medicines to treat serious diseases of the central nervous system.
IP Group holds a direct undiluted beneficial stake of 26.5% in
Autifony and is reviewing the carrying value of this asset as part
of its year-end audit. Autifony entered the IP Group portfolio
following the acquisition of Touchstone Innovations plc earlier in
2017.
Boehringer Ingelheim now has an exclusive option to purchase
Autifony's Kv3.1/3.2 positive modulator platform. Included in the
agreement is the lead compound AUT00206, a novel, orally active
small molecule that is currently being evaluated in two Phase Ib
studies, including one in patients with schizophrenia.
Boehringer Ingelheim will pay Autifony a EUR25 million upfront
fee, with the possibility of further payments of up to EUR17.5
million during the option period based on achievement of short term
milestones. The total potential transaction may sum up to EUR627.5
million upon reaching development and pre-commercialisation
milestones once Boehringer Ingelheim has exercised its option.
Further financial details are not disclosed.
Dr. Charles Large, CEO of Autifony Therapeutics said: "Autifony
has pioneered the development of Kv3.1/3.2 modulators for the
treatment of schizophrenia, Fragile X syndrome, and disorders of
hearing. Our compounds have the potential to change the treatment
paradigm for these disorders, and we welcome the opportunity to
collaborate with Boehringer Ingelheim, who will bring valuable
expertise and resources as we progress through the next phases of
clinical and non-clinical development. We are also grateful for the
support from Innovate UK's Biomedical Catalyst, which has enabled a
highly successful collaboration between Autifony, the Universities
of Manchester and Newcastle, and the Institute of Psychiatry,
Psychology and Neuroscience at Kings College London."
Maina Bhaman, Director of Healthcare Ventures at Touchstone
Innovations, said: "This major collaboration with Boehringer
Ingelheim is a strong validation of Autifony's proprietary platform
and a testament to the progress made by the team since we first
invested in December 2011. The collaboration and funding will
enable the company to fully explore the mechanism behind its
voltage gated potassium channel modulator platform and will
hopefully lead to the development of a novel therapeutic approach
for the treatment of a range of CNS disorders."
The full announcement follows.
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer +44 (0) 20 7444 0050
Greg Smith, Chief Financial
Officer +44 (0) 20 7444 0062/+44
Liz Vaughan-Adams, Communications (0) 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Martha Walsh +44 (0) 7876 245962
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across four main sectors --
Biotech, Cleantech, Healthcare and Technology. The Company, which
recently announced the acquisition of Touchstone Innovations plc,
is listed on the Main Market of the London Stock Exchange under the
code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com.
Autifony Therapeutics and Boehringer Ingelheim collaborate on a
novel therapeutic approach to a range of CNS disorders
-- Collaboration with funding of development activities gives
Boehringer Ingelheim exclusive option to purchase certain Autifony
assets to treat serious CNS disorders
-- Most advanced compound is in Phase Ib studies, with one trial
ongoing in patients with schizophrenia
Stevenage, UK, and Ingelheim, Germany - 18 Dec 2017 - Boehringer
Ingelheim and Autifony Therapeutics Limited ("Autifony") today
announced that they have signed an agreement about certain aspects
of Autifony's voltage gated potassium channel modulator platform.
Boehringer Ingelheim now has an exclusive option to purchase
Autifony's Kv3.1/3.2 positive modulator platform. Included in the
agreement is the lead compound AUT00206, a novel, orally active
small molecule that is currently being evaluated in two Phase Ib
studies, including one in patients with schizophrenia.
Boehringer Ingelheim will pay Autifony a EUR25 million upfront
fee, with the possibility of further payments of up to EUR17.5
million during the option period based on achievement of short term
milestones. The total potential transaction may sum up to EUR627.5
million upon reaching development and pre-commercialisation
milestones once Boehringer Ingelheim has exercised its option.
Further financial details were not disclosed.
Schizophrenia is the most advanced indication under development
with AUT00206. Preclinical studies using models relevant to the
pathophysiology of schizophrenia suggest that AUT00206 has the
potential to treat cognitive and negative symptoms of
schizophrenia, as well as positive symptoms with fewer side effects
than current anti-psychotic drugs. Cognitive and negative symptoms
are poorly treated by antipsychotic drugs and are associated with
significant functional impairment and reduced quality of life for
patients. In addition to schizophrenia, both Autifony and
Boehringer Ingelheim have a strong interest to explore the
Kv3.1/3.2 mechanism for other indications, including hearing
disorders and orphan CNS disorders, such as Fragile X Syndrome.
Dr. Jan Poth, Therapeutic Area Head CNS and Immunology at
Boehringer Ingelheim, stated: "This partnership opens up the
possibility of testing clinically an unprecedented therapeutic
concept for the treatment of schizophrenia and to develop novel
compounds with significant value to the patient. Schizophrenia is a
challenging indication for drug development, and the companies'
commitment and combined expertise will accelerate progress towards
a much-needed new medicine for patients with this serious
disorder."
The program aligns with Boehringer Ingelheim's drug discovery
strategy for neuropsychiatric diseases, which focuses on exploring
the neurobiological basis of certain key symptom domains that can
occur across a range of mental disorders, such as schizophrenia,
Alzheimer's disease and depression.
Dr. Charles Large, CEO of Autifony Therapeutics said: "Autifony
has pioneered the development of Kv3.1/3.2 modulators for the
treatment of schizophrenia, Fragile X syndrome, and disorders of
hearing. Our compounds have the potential to change the treatment
paradigm for these disorders, and we welcome the opportunity to
collaborate with Boehringer Ingelheim, who will bring valuable
expertise and resources as we progress through the next phases of
clinical and non-clinical development." He continued: " We are also
grateful for the support from Innovate UK's Biomedical Catalyst,
which has enabled a highly successful collaboration between
Autifony, the Universities of Manchester and Newcastle, and the
Institute of Psychiatry, Psychology and Neuroscience at Kings
College London."
-S-
About Autifony Therapeutics Ltd
Autifony Therapeutics is an independent UK based biotechnology
company formed in 2011 as a spin-out from GSK, which retains equity
in the company. The Company is focused on the development of high
value, novel medicines to treat serious diseases of the central
nervous system. It is funded by SV Health Investors, Touchstone
Innovations plc (now part of IP Group), Pfizer Venture Investments,
International Biotechnology Trust PLC, and
UCL Business plc. www.autifony.com
About Boehringer Ingelheim
Innovative medicines for people and animals have for more than
130 years been what the research-driven pharmaceutical company
Boehringer Ingelheim stands for. Boehringer Ingelheim is one of the
pharmaceutical industry's top 20 companies and to this day remains
family-owned. Day by day, some 50,000 employees create value
through innovation for the three business areas human
pharmaceuticals, animal health and biopharmaceutical contract
manufacturing. In 2016, Boehringer Ingelheim achieved net sales of
around 15.9 billion euros. With more than three billion euros,
R&D expenditure corresponds to 19.6 per cent of net sales.
Social responsibility comes naturally to Boehringer Ingelheim.
That is why the company is involved in social projects such as the
"Making More Health" initiative. Boehringer Ingelheim also actively
promotes workforce diversity and benefits from its employees'
different experiences and skills. Furthermore, the focus is on
environmental protection and sustainability in everything the
company does. More information about Boehringer Ingelheim can be
found on www.boehringer-ingelheim.com or in our annual report:
http://annualreport.boehringer-ingelheim.com.
About Schizophrenia
Schizophrenia remains a major healthcare challenge throughout
the world. Patients with the condition have a poor quality of life
and prognosis. Antipsychotics are the main treatment but in up to a
third of people with schizophrenia, the illness shows a poor
response to these drugs. Particularly debilitating are cognitive
symptoms of schizophrenia, such as poor decision making, attention
and memory, and negative symptoms, such as social withdrawal and
anhedonia, which make work and relationships difficult to sustain.
Side effects of the currently approved antipsychotic drugs are also
problematic, including weight gain, diabetes, heart disease,
movement disorders and sexual dysfunction. There is a clear need
for more effective drugs with fewer side effects.
See 'The Abandoned Illness', a report by the Schizophrenia
Commission, November 2012.
About Innovate UK and Biomedical Catalyst
Innovate UK is the name for the UK's innovation agency. Taking a
new idea to market is a challenge. Innovate UK funds, supports and
connects innovative businesses through a unique mix of people and
programmes to accelerate sustainable economic growth. Catalysts are
run jointly by Innovate UK and the Research Councils. A Catalyst is
a form of research and development funding which focuses on a
specific priority area and aims to help take projects from research
to as close to commercial viability as possible. The Catalyst model
supports projects in priority areas where the UK research base has
a leading position and where there is clear commercial
potential.
For further information visit www.gov.uk/innovateuk
For more information, please contact:
Autifony Therapeutics Limited
Dr Charles Large, Chief Executive Officer
E: charles.large@autifony.com
Instinctif Partners
Sue Charles, Tim Watson, Alex Bannister
T: +44 (0) 20 7866 7860
E: Autifony@instinctif.com
Boehringer Ingelheim
Julia Meyer-Kleinmann
Exec. Director Corporate Communications
M: +49 178 290 8178
E: m-kleinmann@boehringer-ingelheim.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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