here you go....It doesn't read like we will be getting anything any milestones, just single digit royalties. What was DOC thinking???
KANSAS CITY, Kan., and PRINCETON, N.J., March 19, 2014 /PRNewswire/ -- Aratana Therapeutics, Inc. (NASDAQ: PETX), a pet therapeutics company focused on the licensing, development and commercialization of innovative biopharmaceutical products for cats, dogs and other companion animals, and Advaxis, Inc. (NASDAQ: ADXS), a biotechnology company developing the next generation of cancer immunotherapies, today announced a global licensing agreement for Advaxis' ADXS-cHER2 for the treatment of osteosarcoma in dogs and three additional cancer immunotherapy products for the treatment of three other types of cancer. Each of the four licensed products is based on Advaxis' platform immunotherapy technology, which Advaxis is developing for the treatment of human cancers on a global basis. Under the agreement, Aratana will have exclusive rights to develop and commercialize the licensed immunotherapies for pet health applications, and will focus initially on developing ADXS-cHER2 for osteosarcoma.
Under the agreement, Aratana made a one-time upfront payment to Advaxis of $1 million and an additional $1.5 million equity investment in Advaxis common stock and warrants. Aratana agreed to pay up to an additional $6 million in clinical and regulatory milestones for each of the four products, assuming approvals in both cats and dogs in both United States and the European Union. In addition, Aratana agreed to pay up to $28.5 million in commercial milestones. Upon regulatory approval and commercialization of the immunotherapies, Aratana agreed to pay Advaxis a tiered royalty ranging from mid-single digit to 10% on net sales.
ADXS-cHER2 was validated in an ongoing clinical study in 13 client-owned dogs with osteosarcoma, conducted by Dr. Nicola Mason at the University of Pennsylvania School of Veterinary Medicine and sponsored by Advaxis. In the study, dogs treated with ADXS-cHER2 immunotherapy after the standard of care (amputation and follow up chemotherapy), had a statistically significant prolonged overall survival benefit (p=0.032) compared with dogs that received standard of care without ADXS-cHER2. The median survival time for dogs that did not receive ADXS-cHER2 immunotherapy was eight months, whereas the median survival time for those dogs treated with ADXS-cHER2 has not yet been reached. The first four dogs treated with ADXS-cHER2 are alive, with each dog surviving over 21 months. The majority of treated dogs are tumor-free. There were no short- or long-term complications associated with the immunotherapy and only low-grade, transient toxicities were reported in the study.
Steven St. Peter, M.D., President and Chief Executive Officer of Aratana Therapeutics, stated, "We strive to accelerate the most innovative and promising new therapies for pets, and we are very encouraged by the results Advaxis has generated for ADXS-cHER2 in osteosarcoma, as well as the overall potential of their platform. Immuno-oncology is one of the most exciting advances in treating human cancers, so expanding our oncology portfolio of first in class, species specific antibodies to include Advaxis' immuno-oncology products is a natural fit. We are also particularly excited to work with the people at Advaxis and at The University of Pennsylvania, where many of our team have had long-standing relationships."
Daniel J. O'Connor, President and Chief Executive Officer of Advaxis, commented, "We admire Aratana's dedication to elevating cutting-edge drugs like ADXS-cHER2 to become potentially market-leading immunotherapies in this growing space. Given the Aratana team's combined decades of veterinary drug development experience and their leadership position in pet therapeutics, they are the ideal partner for maximizing the value of our cancer immunotherapies for pets. With upfront and potential near term multimillion dollar milestones from 16 potential approvals, this collaboration strengthens our financial ability to further advance our proprietary immunotherapies for the treatment of human cancers."
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