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LONDON, UK / ACCESSWIRE / June 08, 2018 / If you want access to our free research report on Axovant Sciences Ltd (NASDAQ: AXON) ("Axovant"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AXON as the Company's latest news hit the wire. On June 06, 2018, the Company announced that it has signed an exclusive worldwide licensing deal with Oxford BioMedica to develop and commercialize OXB-102 (now AXO-Lenti-PD), a gene therapy developed by Oxford BioMedica for Parkinson's disease utilizing the LentiVector® platform. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Terms of the License Deal
- Oxford BioMedica will be the clinical and commercial supplier of AXO-Lenti-PD.
- Axovant will fund all clinical development costs and manufacturing process development and scale-up activities for AXO-Lenti-PD.
- The Company obtained rights to AXO-Lenti-PD as well as its predecessor product ProSavin®, for an initial payment of $30 million in cash, $5 million of which will be applied as a credit against the process development work and clinical supply that Oxford BioMedica will provide to Axovant.
- Oxford BioMedica is also eligible to receive additional development, regulatory and commercial milestone payments potentially in excess of $812 million, and tiered royalties on net sales of AXO-Lenti-PD, if approved.
- Roivant will purchase $25 million of Axovant's common shares, which will support the clinical development of AXO-Lenti-PD and additional business development activities.
- Fraser Wright, PhD, the Co-Founder and former Chief Technology Officer of Spark Therapeutics, will join Axovant as Chief Technology Officer overseeing the Company's gene therapy initiatives.
- Axovant is likely to initiate a Phase-1/2 dose escalation study of AXO-Lenti-PD in patients with advanced Parkinson's disease by the end of 2018.
Axovant's Expertise in Neurological Disorders Makes the Company an Ideal Development and Commercialization Partner for this Programme
John Dawson, CEO of Oxford BioMedica, stated that the Company is delighted to sign this significant agreement which not only underlines its LentiVector® enabled platform and product development strategy but further demonstrates Oxford BioMedica's ability to build multiple partnerships with leaders in their respective therapeutic fields. This agreement also successfully demonstrates Oxford BioMedica's pre-stated strategy to externalize product development beyond the end of the pre-clinical phase.
John added that Axovant's expertise and focus on neurological disorders, which includes Parkinson's disease, makes them an ideal development and commercialization partner for this programme.
Post announcement of the news shares of Axovant surged in pre-market trade.
About Parkinson's Disease
Parkinson's disease is a long-term degenerative disorder of the central nervous system that mainly affects the motor system. Early in the disease, the most obvious symptoms are shaking, rigidity, slowness of movement, and difficulty with walking. Thinking and behavioral problems may also occur. Dementia becomes common in the advanced stages of the disease. Depression and anxiety are also common, occurring in more than a third of people with Parkinson's disease.
AXO-Lenti-PD, formerly OXB-102, is an investigational gene therapy for Parkinson's disease that delivers three genes encoding a critical set of enzymes required for dopamine synthesis in the brain and is designed to provide patient benefit for multiple years following a single administration. AXO-Lenti-PD is a next-generation gene therapy with a modified payload configuration of the predecessor product, ProSavin®, to further improve endogenous dopamine production.
About Oxford BioMedica
Oxford BioMedica is a leading gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford BioMedica and its subsidiaries have built a sector-leading lentiviral vector delivery platform (LentiVector®), which the Group leverages to develop in vivo and ex-vivo products both in-house and with partners. Oxford BioMedica is based across several locations in Oxfordshire, United Kingdom and employs more than 320 people.
About Axovant Sciences Ltd
Founded in 2014 and headquartered in Basel, Switzerland, Axovant Sciences is a leading clinical-stage neurology company focused on the treatment of dementia and related neurological disorders. Axovant is a member of the Roivant family of companies
Stock Performance Snapshot
June 07, 2018 - At Thursday's closing bell, Axovant's stock rose 5.49%, ending the trading session at $4.80.
Volume traded for the day: 86.16 million shares, which was above the 3-month average volume of 2.75 million shares.
Stock performance in the last month – up 321.05%; and previous three-month period – up 201.89%
After yesterday's close, Axovant's market cap was at $455.52 million.
The stock is part of the Healthcare sector, categorized under the Biotechnology industry.
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