On December 15, 2016 Aptevo Therapeutics Inc. (Nasdaq:APVO) a biotechnology company focused on developing novel oncology and hematology therapeutics, reported that it has amended the terms of its collaboration agreement with MorphoSys AG, originally executed in August 2014, for the joint worldwide development and commercialization of MOR209/ES414, a novel bispecific immuno-oncology therapeutic currently being evaluated in a Phase 1 clinical study for the treatment of metastatic castration-resistant prostate cancer (mCRPC.) (Press release, Aptevo Therapeutics, DEC 15, 2016, View Source [SID1234517083]). Schedule your 30 min Free 1stOncology Demo! Aptevo and MorphoSys agreed to modify their collaboration agreement to, among other things, adjust the allocation of certain manufacturing and development costs and extend MorphoSys’ convenience termination rights. Under the amendment, the timeframe for a one-time right to terminate the collaboration agreement by MorphoSys has been extended from December 31, 2016 to June 30, 2017, or after review of clinical data from the first 6 patients enrolled and dosed in the MOR209/ES414 Phase I clinical trial. In addition, the companies have agreed that Aptevo will be responsible for 75% of the development costs of the program through June 30, 2017 with MorphoSys responsible for the remaining 25%, after which time the cost-sharing ratio shifts to 49% for Aptevo and 51% for MorphoSys through 2018, and subsequently 36% for Aptevo and 64% for MorphoSys in 2019 and thereafter.
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"Bispecific antibodies represent an emerging new class of protein therapeutics that holds promise as an important new immunotherapeutic approach to cancer treatment," commented Marvin L. White, President and Chief Executive Officer of Aptevo. "We are pleased to have the opportunity to collaborate with MorphoSys on the development of MOR209/ES414 and look forward to the results of the ongoing Phase I dose escalation study."