Eloxx Pharmaceuticals Inc (ELOX)

[rarefind]

Love to hear something about the milestone payments that are possble...

Under the terms of the agreement, Sevion will receive an up-front payment and research support payments for activities conducted in collaboration with Janssen. For candidates licensed by Janssen, Sevion would be eligible to receive payments upon the achievement of certain development and commercial milestones potentially totaling up to $125 million as well as low single digit royalties on product sales.

Ronald Martell, CEO of Sevion, noted, “We are excited to collaborate with Janssen, a recognized leader in antibody development and commercialization. This partnership applies the Sevion platform for discovering unique antibodies against important therapeutic targets.”

Unlike traditional antibody drug discovery methods, such as display methods or immunization, the Sevion platform enables discovery of antibodies against proteins that cannot be easily purified in functional form. Sevion’s addressed libraries allow screening directly on the cell surface, opening difficult transmembrane targets to antibody discovery.

Vaughn Smider, Chief Scientific Officer of Sevion, stated, “We believe our ability to identify antibodies against unpurified targets, particularly multispanning membrane proteins, and with different affinities and activities, will lead to breakthroughs in treatment for patients with serious disease. We are excited to work with the Janssen team to discover new and important drug candidates.”