SAN FRANCISCO, CA and ANN ARBOR, MI--(Marketwired - Apr 23, 2014) - Medivation, Inc. (
OncoFusion is eligible to receive undisclosed upfront payments and potential future milestone payments subject to achievement of defined clinical and commercial milestone events. In addition, OncoFusion shall be eligible to receive royalties on the commercial sale of approved products as defined in the agreement. Further financial details were not disclosed.
"BET bromodomain proteins are emerging as an important new class of pharmacological targets with broad potential applications in oncology and other diseases," said David Hung, M.D., president and chief executive officer of Medivation. "We intend to expand our footprint in cancer by developing improved next generation therapies based upon cutting edge technologies like the one we have licensed from OncoFusion."
"This agreement with Medivation provides us with the opportunity to accelerate research and development exploring the role of BET bromodomain proteins in oncology," said Arul M. Chinnaiyan, M.D., Ph.D., co-founder of OncoFusion Therapeutics, Inc., director of the Michigan Center for Translational Pathology and S.P. Hicks Professor of Pathology at the University of Michigan Medical School. "OncoFusion is committed to discover and develop innovative and personalized medicines for oncology, and through collaborations with partners like Medivation, we can fulfill that commitment," added Shaomeng Wang, Ph.D., co-founder of OncoFusion Therapeutics, Inc. and Warner-Lambert/Parke-Davis Professor in Medicine and Director of the Center for Discovery of New Medicines at the University of Michigan.
About BET bromodomain Proteins
BET bromodomain proteins regulate gene expression and have been shown to play a critical role in cancer and other diseases. Emerging research in the area of cancer biology suggests that targeting epigenetic regulators such as the bromodomain family of proteins may reduce the growth of a number of tumor types including certain hematological and solid tumors. Recent preclinical data published in Nature1 reported that targeting BET bromodomain proteins may have therapeutic potential in castration-resistant prostate cancer that is resistant to current treatments.
1 Chinnaiyan, et al. Therapeutic Targeting of BET Bromodomain Proteins in Castration-Resistant Prostate Cancer, Nature, DOI: 10.1038/nature13229, published online April 23, 2014.
Medivation, Inc. is a biopharmaceutical company focused on the rapid development of novel therapies to treat serious diseases for which there are limited treatment options. Medivation aims to transform the treatment of these diseases and offer hope to critically ill patients and their families. For more information, please visit us at www.medivation.com.
About OncoFusion, Inc.
OncoFusion Therapeutics is a privately-held company, which was founded in 2012 by Arul M. Chinnaiyan, M.D., Ph.D., Shaomeng Wang, Ph.D., Kenneth J. Pienta, M.D. at the University of Michigan. OncoFusion's mission is to discover and develop the next generation of personalized therapeutics for patients with genetically defined cancers. For more information, visit www.oncofusion.com.
Forward-Looking Statement Disclaimer
The statements in this press release regarding the actions that Medivation and OncoFusion expect to take under the research and license agreement, and the potential for identifying new treatments for oncology are forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially for a number of reasons, including, but not limited to: the development of new drug compounds is a lengthy, expensive and uncertain process; the process of obtaining regulatory approval is uncertain, and may not be completed; benefits expected as a result of early studies may not materialize in later, more extensive studies; and other risks detailed under the caption "Risk Factors" in Medivation's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 27, 2014. Medivation undertakes no obligation to update these forward-looking statements other than as required by law.