Endocyte in-licenses late-stage prostate cancer candidate from ABX GmbH; shares ahead 11% premarket [Seeking Alpha]
ENDOCYTE (ECYT)
Last endocyte earnings: 11/7 04:01 pm
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US:NASDAQ Investor Relations:
investor.endocyte.com/investor-relations
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Source: Seeking Alpha
Endocyte in-licenses late-stage prostate cancer candidate from ABX GmbH; shares ahead 11% premarketThinly traded nano cap Endocyte (NASDAQ:ECYT) is up11% premarket on robust volume in response to itsannouncement that it has secured a global exclusive license to PSMA-617 from ABX GmbH. It intends to quickly launch Phase 3 development of radioligand therapeutic Lu-PSMA-617 for the treatment of patients with metastatic castration-resistant prostate cancer.Under the terms of the deal, Endocyte paid $12M upfront and issued 2M shares of common stock to ABX along with a warrant to purchase up to 4M additional shares. ABX is eligible for up to $160M in milestones plus royalties on net sales starting in the mid-teens.Lu-PSMA-617 selectively delivers short-range beta-emitting radioactive isotope lutetium to tumor cells that express prostate-specific membrane antigen (PSMA).Now read:Endocyte (ECYT) Presents At Cantor Fitzgerald Global Healthcare Conference - Slideshow »
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