EXEL - Exelixis to pay $35M in milestone as FDA clears trial for cancer drug
- Exelixis ( NASDAQ: EXEL ) is set to pay $35M for its Dutch partner Sairopa B.V. after the FDA cleared an Investigational New Drug (IND) to evaluate the cancer drug ADU-1805 in adults with advanced solid tumors, the companies announced Monday.
- ADU-1805 is a monoclonal antibody designed to target SIRP? to block the SIRP?-CD47 checkpoint, which is believed to enhance the immune system’s ability to attack cancers.
- In Q2 2023, the companies plan to start a Phase 1 trial for ADU-1805 as a single agent and a combination regimen in advanced solid tumors. With the IND clearance, Sairopa is set to receive $35M in milestone payments in Q2 2023.
- As part of a November 2022 agreement with Sairopa, Exelixis ( EXEL ) has an option to own an exclusive license to develop and commercialize anti-SIRP? antibodies, including ADU-1805.
- In January, Seeking Alpha contributor Out of Ignorance initiated Exelixis ( EXEL ) with a Buy recommendation noting that the company’s kidney cancer therapy “Cabometyx is hitting on all cylinders.”
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Exelixis to pay $35M in milestone as FDA clears trial for cancer drug