Saturday, June 22, 2013 4:03:41 PM
SCTPF has two portfolio products. One is based on the science generated by Dr. Aaron Shimmer, a clinician scientist from the University of Toronto and Prince Margaret Hospital. In his highly awarded career he has prioritized repurposing currently marketed drugs for their activity against cancer stem cells. The company has licensed his clinical stage asset, a reformulated version of Pfizer's drug Tigecycline, for which clinical data is expected in early Q3 2013.
SCTPF's other cancer stem cell product has been developed by Dr. John Dick, Phd, who is credited with the initial identification of Leukemic Stem Cells. The product is a CD47/SIRPa fusion protein. Dr. Irving Weissman of Stanford University is working on a monoclonal antibody targeting CD47, and he has validated the target. Dr. Weissman has just received a twenty million dollar grant from the California Institute for Regenerative Medicine to continue his research. Last year a private company, Inhibrx, entered into an option and license agreement with Celgene. The deal potential is in excess of five hundred million dollars. Evidently Celgene really wanted to get access to that antibody.
Both docs are on the company SAB and follow on products are expected to be collaborated on.
Of note, the Chairman of SCTPF, David Allan, is the person that brought these two assets into this company. David was the CEO of YMI at the time it acquired an Australian company by the name of Cytopia for twelve million dollars. YMI was sold three years later for over five hundred million dollars to Gilead.
By the way, most of Verastem's valuation is based on this drug in licensed from Pfizer. This was the terms of the licensing deal.
VS-6063 in-licensed from Pfizer
In July 2012, Verastem in-licensed the worldwide commercial rights from Pfizer for the FAK inhibitor VS-6063 (PF-04554878). Pfizer received a one-time cash payment of $1.5 million and 192,012 shares of VSTM common stock.
PFE is eligible to: Receive up to $2 million in developmental milestones
• Up to $125 million should certain regulatory and commercial sales milestones be met
• High single to mid double digit royalties on future net sales of VS-6063, for 10 years
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