PHILADELPHIA, Feb. 4 /PRNewswire/ -- TenX Biopharma, Inc. announced today it has signed a licensing agreement to acquire exclusive worldwide rights to develop and commercialize zanolimumab (HuMax-CD4®) from Genmab A/S (OMX: GEN).
Under the terms of the agreement, Genmab will receive an up-front license fee of USD 4.5 million and will be entitled to milestones and royalties on sales of zanolimumab. TenX will be responsible for all future costs of developing, manufacturing and commercializing zanolimumab.
"Zanolimumab has promise for treatment of patients with T cell cancers, and potential in other cancer types for which existing therapies are inadequate," said Gardiner F.H. Smith, Chief Executive Officer of TenX Biopharma. "We are building a pipeline of new medicines for high unmet need, with a focus on the patient through business efficiency."
Asher Nathan, Managing Partner of Zoticon Bioventures and the lead investor in TenX, said "TenX and zanolimumab represent the fourth late stage drug funding which we've led in the past two years. I'm delighted that this important product will be available in the future, and look forward to the management team at TenX continuing to build value with novel cancer therapeutics."
"Genmab is pleased to find a partner who wishes to take zanolimumab forward in development," said Lisa N. Drakeman, Ph.D., Chief Executive Officer. "This is good news for patients who may one day benefit from treatment with zanolimumab."
TenX is a biopharmaceutical company focused on late stage development and launch of novel cancer products. For more information visit www.tenxbiopharma.com.
About Genmab A/S
Genmab is a leading international biotechnology company focused on developing fully human antibody therapeutics for the potential treatment of cancer. For more information visit www.genmab.com.
This press release contains forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. TenX does not undertake any obligation to update or revise forward looking statements in this press release nor to confirm such statements in relation to actual results, unless required by law.
Contact: Gardiner F.H. Smith, Chief Executive Officer, TenX Biopharma
T: (304) 982-1240; E: email@example.com
SOURCE TenX Biopharma, Inc.