10th World Meeting on Pharmaceutics, Biopharmaceutics and Pharmaceutical technology28 Jan 2016
Albumedix strengthens its leading position in albumin-based drug delivery through acquisition of Eleven's Supermin® albumin technology
Cambridge, MA and Copenhagen, Denmark – January 26, 2016 – Eleven Biotherapeutics, Inc. (NASDAQ: EBIO) and Albumedix (DK A/S) today announced that Eleven and Albumedix have entered into an agreement that will see Albumedix acquire Eleven’s proprietary Supermin® albumin variant assets.
Albumedix is a world leader in albumin engineering and protein manufacturing and has a growing albumin-based drug formulation and delivery business working with pharmaceutical and biotechnology companies worldwide. Using its AMP-Rx platform, Eleven has developed recombinant albumin variants to extend the systemic concentrations of drugs beyond what can be obtained from natural albumin. Eleven’s albumin technology will complement Albumedix’s proprietary drug delivery platform, Veltis®, extending the array of technologies available for use by clients developing drugs with longer duration of systemic exposure.
Commenting on the agreement, Peter Rosholm, CEO of Albumedix said: “Albumedix has a credible track record in the innovation and supply of commercial recombinant albumin. The acquisition of Eleven's exciting albumin platform, which will be incorporated within our proven Veltis technology portfolio, will strengthen our existing offering and mean we are able to provide customers with an even more comprehensive solution to improve the therapeutic impact of their products.”
“We are very pleased that Albumedix, a global leader in protein manufacturing, will be seeking to commercialize our technology to the market, with Eleven still retaining the right to license the technology for our own research,” said Abbie Celniker, Ph.D., President and CEO of Eleven Biotherapeutics. “We look forward to efforts by Albumedix in helping other leading companies to apply this technology to enhance the product profile of drugs for the treatment of unmet medical needs.”
The deal between Albumedix and Eleven Biotherapeutics was completed on 4 December 2015. The terms of the agreement are not disclosed but under the agreement, Albumedix will pay Eleven an upfront fee as well as a share of commercialisation income.
For further information, please visit www.albumedix.com
Albumedix helps biopharmaceutical companies improve patient outcomes with a range of albumin-based products and technologies that facilitate the development of superior biotherapeutics. Albumedix develops albumin-based products and technologies for advanced drug and vaccine formulation, extended drug half-life and improved drug delivery. Our products and technologies are used in clinical and marketed drugs and out-licensed to pharmaceutical and biotech companies worldwide. With over 25 years’ experience in the biopharmaceutical industry, we have the scientific, technical and regulatory expertise needed to support companies in moving faster to market with superior biotherapeutics. We also use this expertise to strengthen our own drug pipeline. Albumedix is a global company and fully owned subsidiary of Novozymes. www.albumedix.com
About Eleven Biotherapeutics
Eleven Biotherapeutics, Inc. is a clinical-stage biopharmaceutical company with a proprietary protein engineering platform, called AMP-Rx, that it applies to the discovery and development of protein therapeutics to treat diseases of the eye. Eleven’s therapeutic approach is based on the role of cytokines in diseases of the eye, the Company’s understanding of the structural biology of cytokines and the Company’s ability to rationally design and engineer proteins to modulate the effects of cytokines. Cytokines are cell signaling molecules found in the body that can have important inflammatory effects. For more information please refer to the Company's website www.elevenbio.com.
Eleven Biotherapeutics Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, including statements about the future financial arrangements under the Company’s agreement with Albumedix, the potential for the Supermin technology, including use by Albumedix of such technology, the Company's strategy, future operations, advancement or maturation of its product candidates and product pipeline, clinical development of the Company's therapeutic candidates, including expectations regarding timing of initiation of clinical trials, patient enrollment and availability of results, regulatory requirements for initiation of clinical trials and registration of product candidates and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and conduct of clinical trials, availability and timing of data from ongoing clinical trials, whether results of early clinical trials will be indicative of the results of future trials, the adequacy of any clinical models, uncertainties associated with regulatory review of clinical trials and applications for marketing approvals and other factors discussed in the "Risk Factors" section of the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2015 as filed with the Securities and Exchange Commission and other reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
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