Milestone payment to Dragonfly is triggered by dosing of first patient in Phase 1 clinical trial
WALTHAM, Mass., Nov. 1, 2022 /PRNewswire/ -- Dragonfly Therapeutics, Inc. ("Dragonfly"), today announced that the first patient has been dosed in a clinical trial being conducted by Merck, known as MSD outside the United States and Canada, to evaluate a solid tumor targeting TriNKET developed by Dragonfly. Dragonfly will receive an undisclosed milestone payment triggered by this event.
"Across both our 1.0 and 2.0 collaborations, Merck has been an extraordinary partner in oncology, immune disorders and other fields," said Bill Haney, co-founder and CEO of Dragonfly Therapeutics. "We are delighted that the first immunotherapy candidate from our initial collaboration has advanced into the clinic, and equally enthusiastic by the progress we are making together on bringing Dragonfly's TriNKET technology to targets that address other indications."
The companies' collaboration, initially focused on a number of solid tumor targets, began in October 2018. The collaboration was subsequently expanded in 2020 with a multi-target agreement to develop and commercialize additional natural killer ("NK") cell engager immunotherapies in oncology, infectious disease and immune disorders. Merck licensed this first TriNKET immunotherapy candidate from Dragonfly in November 2020.
Dragonfly Therapeutics is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing therapies that use its novel bispecific antibody technology to harness the body's innate immune system to bring breakthrough treatments to patients. Dragonfly has a deep pipeline of wholly owned preclinical candidates discovered using its proprietary platform that are progressing toward the clinic, as well as productive collaborations with Merck, Abbvie, Gilead and Bristol Myers Squibb in a broad range of disease areas.
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SOURCE Dragonfly Therapeutics, Inc.