RuiYi and arGEN-X announce license agreement for ARGX-109
October 4, 2012, Gent, Belgium – RuiYi (formerly Anaphore) and arGEN-X BV announced today that arGEN-X has granted a worldwide exclusive license to RuiYi to develop and commercialize ARGX-109, a novel anti-IL-6 monoclonal antibody discovered and developed by arGEN-X.
Under the agreement, RuiYi will make an upfront payment to arGEN-X consisting of cash and equity. arGEN-X is also eligible to receive additional payments based on the achievement of certain clinical, regulatory and commercialization milestones and royalties based on worldwide net sales of therapeutic products.
“The arGEN-X SIMPLE Antibody™ technology enables novel antibodies with outstanding features of potency, human composition and manufacturability,” said Paul Grayson, President and CEO of RuiYi. “ARGX-109 was carefully selected based on its physical and biologic attributes and its range of potential clinical applications in both inflammatory diseases as well as oncology indications. Furthermore, the addition of this molecule accelerates our growth as an early development stage company in China.”
“We are excited to partner our first preclinical program so early in our lifetime as a therapeutic antibody company,” added Tim Van Hauwermeiren, Chief Executive Officer of arGEN-X. “We believe RuiYi’s development strategy of first developing ARGX-109 in China is a highly innovative approach to drug development and will maximize the clinical and commercial potential of ARGX-109.”
ARGX-109 is the first of five preclinical stage human antibody candidates developed by arGEN-X from its SIMPLE Antibody™ platform in the three years since its start of operations. ARGX-109 has outstanding neutralization potency for IL-6, a cytokine widely implicated in cancer and autoimmunity.
RuiYi is focused on the discovery and development of novel biologic therapies in China, including monoclonal antibodies that target G protein coupled receptors (GPCRs). RuiYi’s executive management team has offices in La Jolla, CA while all of RuiYi’s discovery efforts are located in Shanghai, China. RuiYi’s research facility is located in the Zhangjiang Hi-Tech Park in Pudong Shanghai, China.
For more information please visit www.ruiyibio.com.