Medigene Receives $3 Million Milestone Payment from 2seventy bio
- Milestone payment is related to the establishment of 2seventy bio’s strategic partnership with JW Therapeutics
- Payment provides further validation of Medigene’s end-to-end platform
MARTINSRIED, Germany and MUNICH, Germany, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Martinsried -- Medigene AG (Medigene, FSE: MDG1, Prime Standard), an immuno-oncology company focused on the development of differentiated, best-in-class T Cell Receptor engineered T cell (TCR-T) therapies, today announced that it has received a $3 million milestone payment from its partner 2seventy bio as part of its T cell receptor agreement in cancer immunotherapy, and which may lead to further potential milestone payments in the future. This payment follows the strategic alliance between 2seventy bio (Nasdaq: TSVT), and JW Therapeutics (HKEX: 2126), with the initial focus on the development of 2seventy bio’s MAGE-A4 program which employs a highly potent TCR discovered in collaboration with Medigene’s proprietary end-to-end technology platform.
2seventy bio (Nasdaq: TSVT) recently announced the initiation of a strategic partnership with JW Therapeutics (HKEX: 2126) with an initial focus of the collaboration being the development of 2seventy bio’s MAGE-A4 cell therapy in mainland China, Hong Kong, and Macao.
“We are delighted that Medigene’s partnership with 2seventy bio, has led to the progress of cell therapies in China through 2seventy bio’s strategic alliance with JW Therapeutics,” said Dr. Selwyn Ho, Chief Executive Officer of Medigene. “This alliance, and recent milestone payment to Medigene, further validate our end-to-end technology platform and its potential to deliver differentiated, best-in-class TCRs. We look forward to the commencement of the MAGE A-4 TCR program in mainland China, Hong Kong, and Macao, and the benefits this could mean for patients.”
“We are excited about the ability to accelerate the development of the MAGE-A4 program; made possible in part by the important contributions of our collaboration with Medigene,” said Steve Bernstein, chief medical officer, 2seventy bio. “This is a powerful program, supported by our collective areas of expertise and designed to create potentially transformative treatments for patients with solid tumors.”
The payment does not alter guidance on the cash runway of Medigene, which based on current planning, remains into Q4 2024.
Medigene AG (FSE: MDG1) is a late pre-clinical stage immuno-oncology company, focusing on discovering and developing differentiated, breakthrough cellular therapies to improve the lives of cancer patients. With an end-to-end technology platform built on multiple proprietary and exclusive product enhancement and product development technologies, Medigene aims to create best-in-class TCR-modified T cell (TCR-T) therapies that are optimized for both safety and efficacy. Our strategy is to develop product candidates both for our in-house therapeutics pipeline and for partnering. For more information, please visit www.medigene.com.
About Medigene’s TCR-T cells
T cells are at the center of Medigene’s therapeutic approaches. Medigene’s immunotherapies help activate the patient’s own defense mechanisms, and harness T cells in the battle against cancer. Medigene’s therapies arm the patient’s own T cells with tumor-specific T cell receptors (TCRs) creating TCR-modified T cells with enhanced potential to detect and efficiently kill cancer cells.
Medigene’s approach to immunotherapy is designed to overcome the patient’s tolerance of cancer cells and tumor-induced immunosuppression. By activating the patient’s T cells outside the body, genetically modifying them with tumor-specific TCRs and expanding the resultant activated TCR-T cells, patients can rapidly be given large numbers of tumor-specific T cells to fight their cancer.
MAGE-A4 is a member of the MAGE family of cancer-testis antigens expressed in a number of solid tumor types. The 2seventy program employs a highly potent TCR discovered in collaboration with Medigene, that recognizes HLA-presented MAGE-A4 peptides.
This press release contains forward-looking statements representing the opinion of Medigene as of the date of this release. The actual results achieved by Medigene may differ significantly from the forward-looking statements made herein. Medigene is not bound to update any of these forward-looking statements. Medigene® is a registered trademark of Medigene AG. This trademark may be owned or licensed in select locations only.
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