ASX ANNOUNCEMENT
BENITEC BIOPHARMA (ASX: BLT; OTC: BTEBD)
9 July 2015
- Benitec acquires full rights to pre-clinical hepatitis B (HBV) program from Biomics Biotechnologies
- Original joint venture (JV) generated pre-clinical in vitro data sufficient to progress HBV as a therapeutic
- Benitec is now the sole owner of the HBV program
Sydney, Australia: Benitec Biopharma (ASX: BLT; OTCPK: BTEBD)
and China-based Biomics Biotechnologies are pleased to announce that
Benitec has acquired the full rights to the pre-clinical ddRNAi-based
hepatitis B (HBV) therapeutic program, Hepbarna®, which was previously
under development as a joint venture between the two companies.
Over the past 12 months, Benitec and Biomics have advanced the
program significantly, and based on promising in vitro data,
Benitec has taken the decision to develop Hepbarna® as a
solely-owned lead program by acquiring Biomics' share. Under the terms
of the agreement, Benitec will pay Biomics AUD$2.5 million upfront
with a further AUD$3.5 million upon successful commercialization
of the program. In addition, Biomics will receive a single-digit royalty
on net sales once the product is marketed.
Benitec's CEO Dr. Peter French commented, "The joint venture
between Benitec and Biomics allowed Benitec to enter the HBV therapeutic
field and the partnership has been extremely valuable. Benitec has
enjoyed an excellent working relationship with Biomics and plans
to continue to explore opportunities to work with Biomics in utilizing
RNA interference to target other important diseases."
Dr. York Zhu, Biomics' CEO, noted, "Biomics is pleased that our
scientific contribution to the development of Hepbarna® has been
recognized with this agreement, and we look forward to continuing work
with Benitec on new opportunities."
The original collaboration was established as a 50-50 joint
venture whereby each party contributed an equal share of costs for
an equal share of commercial revenue. The collaboration enabled
Benitec to initiate a program to develop a ddRNAi-based therapeutic for
hepatitis B in line with its clinical pipeline growth strategy in the
area of hepatitis. Along with its HBV pre-clinical program, Benitec is
developing a treatment for hepatitis C with efficacy data expected in
late 2015.
About Benitec Biopharma Limited
Benitec Biopharma Limited is an ASX-listed biotechnology company (ASX:
BLT; OTCPK: BTEBD), which has developed a patented gene-silencing
technology called ddRNAi or 'expressed RNAi'. Based in Sydney, Australia
with labs in Hayward CA (USA) and collaborators and licensees around
the world, the company is developing ddRNAi-based therapeutics for
chronic and life-threatening human conditions including Hepatitis C and
B, drug resistant lung cancer and wet Age-related Macular Degeneration.
Benitec has also licensed ddRNAi to other biopharmaceutical companies
for applications including HIV/AIDS, Huntington's Disease, chronic
neuropathic pain and retinitis pigmentosa.
For further information regarding Benitec and its activities,
please contact the persons below, or visit the Benitec website at
www.benitec.com.
Read complete press release here....Labels: Benitec, Biomics, ddRNAi, Hepbarna