$GNMX .2345 ^44% NEWS,NOW IS THE TIME All Content

$GNMX .2345 ^44% NEWS,NOW IS THE TIME



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Aevi Genomic Signs License Agreement with AstraZeneca for Anti-Interleukin-18 Antibody; Shares Jump Pre-Bell
MT NEWSWIRES 8:41 AM ET 8/7/2019
Symbol Last Price Change
GNMX 0.219up +0.0568 (+35.02%)
AZN 43.72down +0.1 (+0.23%)
QUOTES AS OF 10:29:05 AM ET 08/07/2019
08:41 AM EDT, 08/07/2019 (MT Newswires) -- Aevi Genomic Medicine(GNMX) shares surged 33% early Wednesday after the company said it has obtained the right to exercise an exclusive global license for MEDI2338, a phase 2-ready fully human monoclonal antibody (mAb) that targets interleukin 18 antibody (IL-18).

The company said it planned to initially develop MEDI2338 for adult-onset Still's disease (AOSD), a serious, rare and orphan rheumatological disease with no currently approved biologic therapies in the US. The license agreement is with the UK's AstraZeneca(AZN) .

Further development for several other rare autoinflammatory disorders driven by IL-18 will follow, according to a statement.

Under the terms of the agreement, Aevi will have the right to exercise an exclusive global license to develop and commercialize MEDI2338.

The company will pay combined mid-single-digit millions in cash and equity upon exercise of the option, up to $162 million upon achievement of certain development and sales-related milestones and tiered low double-digit royalties on global annual product sales.

"Exercising the option is contingent on Aevi securing additional funding," the statement said. "The company will be fully responsible for the development and commercialization of the program."

Price: 0.2160, Change: +0.05, Percent Change: +33.17


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