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Prima BioMed Announces Second Milestone Payment for IMP701 Program

PRIMA BIOMED (PBMD)  More Company Research Source: GlobeNewswire
PDF SYDNEY, Australia, July 16, 2017 (GLOBE NEWSWIRE) -- Prima BioMed Ltd (ASX:PRR) (NASDAQ:PBMD) (“Prima” or the “Company”) today announced it will receive a second undisclosed significant clinical milestone payment from Novartis, based on the collaboration and licensing agreement between the companies, relating to Prima’s IMP701 LAG-3 antibody (also referred to as LAG525). The LAG525 antibody is currently being evaluated in clinical trials together with Novartis’ PD1 inhibitor PDR001 for the treatment of cancer.  Novartis has full responsibility for the continued development of the antibody program and Prima is eligible to receive further potential development-based milestone payments and royalties on sales following commercialisation of the products. Mr. Marc Voigt, CEO of Prima, commented, "We are very pleased by the progression of the LAG525 program.  It is wonderful to see our commercial partners continuing to progress the development of LAG-3 products. This announcement, togethe [Read more]

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