VANCOUVER, BC--(Marketwired - October 19, 2016) - Advanced Proteome Therapeutics Corporation (APC) (TSX VENTURE: APC) (FRANKFURT: 0E8), a biopharmaceutical company dedicated to creating, developing, and commercializing innovative therapies, today announced that it has entered into an exclusive option agreement with the Toronto Recombinant Antibody Centre (TRAC) at the University of Toronto (UT). APC acquired an option to license validated antibody candidates suited for development of antibody-drug conjugates (ADCs) as potential treatments for cancer.
The novel ADC therapeutics will be based on the combination of TRAC's antibody candidates and APC's proprietary protein conjugation technology that is designed to site-selectively attach drugs to antibody surfaces. Under the terms of the agreement, negotiated through the Centre for Commercialization of Antibodies and Biologics (CCAB), APC and UT will conduct a jointly funded research program to evaluate the efficacy of the ADCs as anti-cancer therapeutics.
Allen Krantz, President and CEO of APC, stated that "The drug conjugation expertise of APC and state-of-the art antibody science of TRAC at UT constitute a powerful combination for creating and developing superior cancer therapeutics. APC is delighted to partner with these world-class institutions for the opportunity to transform validated therapeutic antibodies from their robust inventory into promising drug conjugates."
Established at the University of Toronto in 2010, the TRAC uses phage display to produce synthetic antibodies against diverse targets. "The current collaboration between UT and APC is an exciting opportunity for us to advance lead antibodies developed at TRAC into ADC therapeutics," said Dr. Sachdev Sidhu, CEO of CCAB and a Professor at UT.
Under the terms of the agreement in consideration for completion of research milestones and subject to approval of the TSX Venture Exchange, UT is entitled to receive a maximum of 2,000,000 APC common shares. The APC shares will be subject to a hold period of four months and one day from the date of issuance.
Upon APC's choosing to exercise the option, UT will grant APC exclusive worldwide license to the technology and will be entitled to a license fee as well as success-based milestone and royalty payments.
About TRAC and CCAB
The Centre for the Commercialization of Antibodies and Biologics (CCAB) is a not-for-profit organization focused on translating research discoveries from the Toronto Recombinant Antibody Centre (TRAC), based at the University of Toronto, into high value assets and products. The CCAB furthers the development of early stage antibodies and biologics for a number of applications, including therapeutics, diagnostics, imaging, and research reagents.
Advanced Proteome Therapeutics Corporation (APC) is advancing a site-specific protein modification technology platform to enable the development of superior protein therapeutics. Using this technology, APC has generated numerous and diverse modifications of annexin proteins with superior binding and stability properties, which are amenable to further labeling and conjugation for use in therapeutic applications. APC is now vigorously applying its technologies to achieve the site-specific labeling of therapeutic antibodies and provide the next generation of antibody-drug conjugates.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The forward-looking statements contained in this news release involve risks and uncertainties, and are subject to change based on various important factors including timely development and acceptance of new products, gaining product approval, successful entry into new markets, changes in financing conditions, and changes in FDA regulations.