Aevi Genomic Medicine Enters into Worldwide License Agreement with Astellas to Develop and Commercialize a Novel Second Generation mTORC1/2 Inhibitor
AEVI GENOMIC MEDICINE INC (GNMX)
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Source: PR Newswire
PHILADELPHIA, July 15, 2019 /PRNewswire/ -- Aevi Genomic Medicine, Inc. (NASDAQ: GNMX, "Aevi") today announced it has entered into an exclusive license agreement with OSI Pharmaceuticals, LLC, an indirect wholly-owned subsidiary of Astellas Pharma Inc. ("Astellas") for the worldwide development and commercialization of Astellas' second generation mTORC1/2 inhibitor, ASP7486 (OSI-027). Aevi's initial focus of study with ASP7486 will be for congenital Lymphatic Malformations, which includes a number of rare and orphan diseases. The mTORC1/2 pathway is believed to be involved in greater than 80% of patients with congenital Lymphatic Malformations. Under the terms of the license agreement, Aevi will pay Astellas an up-front license fee of $500,000 and Astellas will be eligible to receive milestones payments based upon the achievement of specified development and regulatory milestones. Upon commercialization, Astellas will be entitled to a tiered, single-digit royalty on worldwide annual
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