SOURCE: Ablynx

October 01, 2010 01:10 ET

ABLYNX RECEIVES FURTHER MILESTONE PAYMENTS OF EUR3 MILLION AS PART OF ITS STRATEGIC ALLIANCE WITH BOEHRINGER INGELHEIM

GHENT, BELGIUM--(Marketwire - October 1, 2010) - Ablynx [Euronext Brussels: ABLX] today announced that it will receive further milestone payments totalling EUR3 million from Boehringer Ingelheim, triggered as part of its strategic alliance for the development and commercialisation of Nanobodies(®). Ablynx has now earned a total of EUR12 million in milestone payments as part of this agreement.

Ablynx and Boehringer Ingelheim entered into an agreement in September 2007 to collaborate on the discovery, development and commercialisation of up to 10 different Nanobody therapeutics across a range of areas including for example immunology, oncology and respiratory diseases. The agreement would allow potential milestone payments of up to EUR125 million for each Nanobody developed as well as undisclosed royalties to Ablynx. Boehringer Ingelheim is exclusively responsible for the development, manufacture and commercialisation of any products resulting from the collaboration. Ablynx retains certain co- promotion rights in Europe.

Dr Edwin Moses, CEO and Chairman of Ablynx, said: "We are pleased that yet another Nanobody programme has reached this contractual milestone. The Nanobody platform continues to deliver across therapeutic areas and also for complex targets."

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About Ablynx [Euronext Brussels: ABLX] - http://www.ablynx.com

Founded in 2001 in Ghent, Belgium, Ablynx is a biopharmaceutical company focused on the discovery and development of Nanobodies, a novel class of therapeutic proteins based on single-domain antibody fragments, for a range of serious and life-threatening human diseases. The Company currently has over 250 employees. Ablynx completed a successful IPO on Euronext Brussels [ABLX] on 7 November 2007 and raised EUR50 million through an SPO in March 2010.

Ablynx is developing a portfolio of Nanobody-based therapeutics in a number of major disease areas, including inflammation, thrombosis, oncology and Alzheimer's disease. Ablynx now has over 25 programmes in its therapeutic pipeline including four Nanobodies in clinical development. So far, Nanobodies have been successfully generated against more than 220 different protein targets including several complex targets such as chemokines, GPCRs, ion channels and viruses, which are typically very difficult to address with conventional monoclonal antibodies.

For more information, please contact Ablynx:

Dr. Edwin Moses
Chairman and CEO
t: +32 (0)9 262 00 07
m: +44 (0)7771 954 193 / +32 (0)473 39 50 68
e: edwin.moses@ablynx.com

Eva-Lotta Allan
Chief Business Officer
t: +32 (0)9 262 00 75
m: +32 (0)475 78 36 21 / +44 (0)7990 570 900
e: eva-lotta.allan@ablynx.com

[HUG#1448178]


Complete version of the press release: http://hugin.info/137912/R/1448178/390562.pdf


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