On January 12, 2022 Lirum Therapeutics reported the company entered into a license agreement with IGF Oncology, LLC ("IGF Oncology"), for 765IGF-MTX, now named LX-101. Under the agreement, IGF Oncology has granted us an exclusive, royalty-bearing, worldwide license under certain patent rights, know-how and materials to research, develop, make, have made, formulate, use, sell, offer to sell and import LX-101 and two other earlier stage compounds, and any products containing or comprising such compounds in finished dosage pharmaceutical form, for the diagnosis, and/or treatment of any disease or condition in humans.
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We are required to pay IGF Oncology an upfront payment, which is divided into six payments. To date, Lirum has paid $1,180,378 of the upfront payment to IGF Oncology across payments made in November 2022, January 2023, July 2023, and January 2024. The next payments of the upfront payment are due as follows: (i) $200,000 plus daily compounded interest of 15% from January 12, 2024, upon the earlier of an equity financing totaling at least $10,000,000 or April 12, 2024; and (ii) $200,000 plus daily compounded interest of 15% from January 12, 2024, upon the earlier of an equity financing totaling at least $10,000,000 or July 12, 2024. In addition, IGF Oncology is eligible for milestone payments based on clinical and regulatory events, as well as for sales-based milestones. IGF Oncology is also eligible for a royalty based on all net sales, by us or our sublicensees, of products containing the licensed compound. For additional information, see the section titled "Intellectual Property".
We have licensed three patent families, including seven issued U.S. patents that we believe provide patent protection for the LX-101 composition or methods of treatment. The first licensed patent family, expiring in 2035, includes composition patents relating to proprietary fusion proteins of IGF-1 (including the IGF-1 variant of LX-101) and conjugates to anti-cancer chemotherapeutic agents (including methotrexate, the LX-101 payload), as well as methods of treating cancer with these agents. This patent family includes four issued U.S. patents, as well as issued or pending patents in Europe, Japan, Canada, Australia, and India. The second licensed patent family, expiring in 2038, covers methods of treating certain diseases including some myeloid malignancies with IGF-1R ligands conjugated to an anti-cancer chemotherapeutic agent. This patent family includes one issued U.S. patent, as well as issued and pending patents in Europe, China, Japan, Australia, Canada, India, and South Korea. The third licensed patent family, expiring in 2025 or 2026, includes composition of matter patents covering other IGF-1 variants conjugated to anti-cancer chemotherapeutic agents, as well as methods of treating cancer with these agents. This patent family includes two issued U.S. patents that protect the LX-101 composition and methods of treatment, as well as issued patents in Europe, Canada, and Japan.
Furthermore, the Company has filed two Patent Cooperation Treaty applications for methods of treating TED and other autoimmune diseases with IGF-1R ligands conjugated to disease-modifying agents. Any patent that grants from these families would have an expiration of 2043, not including future extensions. The Company has also filed two provisional patent applications for methods of treating IGF-1R-related pediatric and adult cancers with IGF-1R ligands conjugated to a cytotoxic agent. Any patent that grants from these families would have an expiration of 2044, not including future extensions.
Other patents and patent applications in the Lirum portfolio are related to IGF-1R ligands conjugated to bacterial toxins or radionuclides for the treatment of cancer expiring in 2025 or 2028 and proprietary fusion proteins of epidermal growth factor receptor ligands, conjugates to anti-cancer chemotherapeutic agents, and methods of treating cancer with these agents expiring in 2035. Lirum’s portfolio also includes three U.S. patents expiring in 2025 or 2027 covering methods of treating certain cancers with agents unrelated to LX-101.