Oxford BioMedica has access to EntreMed's proprietary angiogenesis inhibitor genes for use in its RetinoStat programme for the treatment of vision-loss via localised delivery.
Under the terms of the agreement, Oxford BioMedica receives exclusive worldwide rights to use EntreMed's angiostatin and endostatin genes in the development of locally delivered gene-based therapeutics for ocular diseases.
Oxford BioMedica plans to utilise EntreMed's genes in its RetinoStat programme for the treatment of age-related macular degeneration and diabetic retinopathy.
RetinoStat is currently in preclinical development.
Under the terms of the agreement, EntreMed receives an upfront cash payment, further payments on the achievement of clinical and regulatory milestones, and royalties on future worldwide product sales.
Additionally, Oxford BioMedica has issued 301,748 new ordinary shares at 26.075p to EntreMed.
Oxford BioMedica is responsible for the development of RetinoStat and related products and has already entered preliminary commercial partnership discussions with leading ophthalmic companies.
In addition to this agreement, Oxford Biomedica and EntreMed are exploring a possible relationship involving research on hypoxia and hypoxia-induced diseases.
Oxford BioMedica's proprietary hypoxia response element (HRE) technology brings genes under the control of an oxygen-sensitive switch and could have application in diseases such as cancer, anaemia and cardiovascular disease.
Commenting on the announcement, Oxford BioMedica's chief executive, professor Alan Kingsman said, "This license represents an important step towards moving Oxford BioMedica's RetinoStat programme towards clinical development.
"We consider EntreMed's genes to be the most suitable angiogenesis inhibitors for the treatment of vision-loss, which is a market with substantial unmet medical needs.
"Currently, we are exploring opportunities to expand our relationship with EntreMed to investigate additional applications of Oxford BioMedica's HRE gene switch technology."
