Neovacs receives a payment of 963 K€ from OSEO for the "Tracker" project in rheumatoid arthritis
Paris, September 13, 2010 - Neovacs (Alternext Paris: ALNEV), a biotech company focused on an active immunotherapy technology platform (KinoidsTM) with applications in the treatment of autoimmune diseases, inflammatory diseases and cancer, today announced that they have received a 963K€ payment from OSEO for the "Tracker" project concerning rheumatoid arthritis. Neovacs received payment of 963 K€ at the end of August in respect of the first milestone of its contract with OSEO, the French state innovation agency.
This agreement signed in 2008 supports "Tracker", the development project with the drug candidate TNF-Kinoïd for rheumatoid arthritis. The payment was according to the schedule laid out in the contract and following presentation of the results of the first phase of the project.
"We are delighted to have received the payment from OSEO. It rewards the good progress made in the development of our drug-candidate TNF-Kinoïd to treat patients suffering from rheumatoid arthritis and who have developed resistance to the current treatments with TNF antibodies. The team strong support and efforts to move forward have enabled the company to meet the delivery schedule," said Guy-Charles de La Horie, CEO Neovacs.
The aim of the Tracker project is to develop a global therapeutic strategy for patients presenting rheumatoid arthritis. The most effective drugs currently available, anti-TNF monoclonal antibodies, rapidly induce antibodies that neutralise them increasingly over time. These antibodies lead to resistance and/or intolerance to the treatment, which subsequently becomes ineffective and/or toxic. In seven major pharmaceutical markets, the number of patient is estimated at 200,000 patients by 2014 (Datamonitor).
The primary objective of Tracker is to validate the diagnostic tools produced by the diagnostic company Biomedical Diagnostics (BMD) to evaluate these neutralizing antibodies and to test the therapeutic solution developed by Neovacs involving active anti-TNF immunisation. The OSEO funding totals €7.9 million, with €6.4 million for Neovacs.
2 About Neovacs Neovacs is a biotechnology company focused on an active immunotherapy technology platform (KinoidsTM) with applications in autoimmune diseases and other chronic conditions. It was founded as a spin-off from Pierre & Marie Curie University in Paris by Professor Daniel Zagury, MD, one of the world's leading immunologists. Neovacs' current portfolio consists of 3 drug candidates: TNF-KinoidTM, IFNα-KinoidTM and VEGF-KinoidTM. The company's lead immunotherapy program (TNF-KinoidTM) is targeting TNF-mediated chronic inflammatory diseases. For TNF-KinoidTM, a Phase I/II clinical trial in Crohn's disease and a Phase II trial in rheumatoid arthritis (RA) are underway. The latter clinical study is also the focus of collaboration with the diagnostics company BMD, with the goal of developing theranostic tools for personalized care in RA. Patient recruitment is ongoing in a Phase I/II trial of Neovacs' second product candidate (IFNα KinoidTM, an immunotherapy targeting interferon alpha) in the treatment of lupus. Neovacs' R&D has generated a broad patent estate. For more information, visit the Neovacs web site at www.neovacs.com
About OSEO OSEO (www.oseo.fr) provide assistance and financial support to French SMEs and VSEs in the most decisive phases of their life cycle: start up, innovation, development, business transfer / buy out. By sharing the risk, it facilitates the access of SMEs to financing by banking partners and equity capital investors.
Contacts Press - Alize RP Neovacs Investors - Actifin OSEO Caroline Carmagnol Florence Hocdée - Leroy Nicolas Meunier Vanessa Godet +33 (0) 6 64 18 99 59 +33 (0) 1 53 10 93 00 + 33 (0) 1 56 88 11 11 +33 (0)1 41 79 84 33 [email protected] [email protected] [email protected] [email protected]