Ayala Pharmaceuticals Inc (ADXS)

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Advaxis and Amgen (AMGN) announce global agreement for the development and commercialization of Advaxis' ADXS-NEO (shares halted)
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8:01 AM ET 8/2/16 | Briefing.com
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The co's announced a global agreement for the development and commercialization of Advaxis' ADXS-NEO, a novel, preclinical investigational cancer immunotherapy treatment that is designed to activate a patient's immune system to respond against the unique mutations, or neoepitopes, contained in and identified from each individual patient's tumor. This collaboration brings together Amgen's 'development expertise' in immuno-oncology with Advaxis' MINE (My Immunotherapy Neo-Epitopes) program.
Under the terms of the agreement, Amgen receives exclusive worldwide rights to develop and commercialize ADXS-NEO. Amgen will make an upfront payment to Advaxis of $40 million and purchase $25 million of Advaxis common stock. Amgen will be fully responsible for funding clinical and commercial activities. Advaxis will lead the clinical development of ADXS-NEO through proof-of-concept, retain manufacturing responsibilities, and receive development, regulatory and sales milestone payments of up to $475 million and potential high single digit to mid-double digit royalty payments based on worldwide sales.