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| Bayhill Therapeutics Enters Exclusive, Worldwide Collaboration with
Genentech for BHT-3021 in Type 1 Diabetes.
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| 06/10/2009 |
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Bayhill Therapeutics Inc. announced today that it has entered into an exclusive worldwide license agreement for the development and potential commercialization of BHT-3021 with Genentech, Inc. a wholly-owned member of the Roche Group. BHT-3021 is Bayhill¡¦s DNA based antigen specific immunotherapy currently in a phase I/II clinical trial in patients with type 1diabetes (T1D).
Under terms of the agreement, Genentech will make an upfront payment of $25M in cash and equity, with additional development, regulatory and sales milestone payments potentially exceeding $325M. Bayhill will also receive competitive escalating royalties on annual net sales. Bayhill will be responsible for completing the on-going phase I/II trial, while Genentech will be responsible for all future research, development, manufacturing and commercialization efforts. Genentech will reimburse Bayhill the remaining costs of the phase I/II trial and will fund all future expenses. Under the terms of the agreement, Bayhill retains rights to opt-in on future development as well as an option to co-promote in North America.
Mark W. Schwartz, PhD, CEO and President of Bayhill Therapeutics, commented, ¡§BHT-3021 represents a truly novel approach to treating type 1 diabetes. We believe this collaboration with Genentech reflects the significant potential of our approach to antigen specific tolerance, and will allow us to accelerate and expand the development of BHT-3021, while continuing to develop additional products from our BHT-DNA platform.¡¨
¡§The ultimate goal for treatment of autoimmune disease is antigen specific therapy¡¨, commented Lawrence Steinman M.D., Founder, Director and Chairman of Bayhill¡¦s Scientific Advisory Board. ¡§Genentech has long been an innovator in immunology based therapies, making it a strong collaborator for BHT-3021. We look forward to working with the Genentech team on the development of BHT-3021.¡¨
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