hVIVO plc hVIVO invests in PrEP Biopharm Limited (1247E)
November 02 2015 - 2:00AM
UK Regulatory
TIDMHVO
RNS Number : 1247E
hVIVO plc
02 November 2015
For immediate release 7.00am: 2 November 2015
HVIVO PLC
("hVIVO" or the "Company")
hVIVO invests in PrEP Biopharm Limited to further develop new
prophylactic treatment for respiratory infections
hVIVO plc (AIM: HVO), the pioneer of human challenge models of
disease, is delighted to announce its investment in PrEP Biopharm
Limited ("PrEP") to continue the development of the prophylactic
compound PrEP-001 (previously JNJ-43260295). In addition to hVIVO,
lead investors in the UK-based start-up company include Johnson
& Johnson Innovation - JJDC, Inc. and US-based angel
investors.
PrEP-001 is a nasally administered, broad-spectrum agent that
leverages the innate immune system to prevent upper respiratory
tract viral infections (colds and flus) and is designed to help the
large number of patients that suffer substantial morbidity and
mortality as a result of upper respiratory viral infections.
A successful proof of concept study of the compound was
conducted by Janssen using hVIVO's platform in 2013-14. PrEP is
developing infectious disease products and technologies licensed
from Janssen and will take the compound's development forward. It
will conduct phase IIa studies in flu and asthma patients in
hVIVO's facility during 2015 and 2016, further leveraging the hVIVO
platform's speed of trial conduct and ability to generate clear
efficacy signals.
With this investment, hVIVO takes a significant stake in a new
company developing a product that hVIVO has already helped to
advance and is well placed to support in transitioning into later
phase trials in at-risk patient groups. Janssen is granting a
worldwide license to PrEP in exchange for equity in PrEP, together
with downstream milestones and royalties. hVIVO is acquiring equity
in PrEP for GBP14.0 million cash consideration and PrEP is
contracting with hVIVO Services Limited to conduct a GBP10.0
million Phase IIa clinical programme of work in 2015 and 2016.
hVIVO's investment will be accounted for as an investment in
associate in its balance sheet and, in the application of the
equity method as an associate, the GBP10.0 million Phase IIa
clinical programme of work will be recognised as revenue.
Kym Denny, Chief Executive Officer, comments, "We are delighted
to be continuing the development of this important product, now as
a key stakeholder and significant shareholder. Working closely with
PrEP, we look forward to leveraging the hVIVO platform to its full
potential, accelerating PrEP-001 through its clinical development
in order to reach patients soonest."
For further information please contact:
hVIVO plc +44 207 756 1300
Kym Denny (Chief Executive Officer)
Graham Yeatman (Chief Financial & Business Officer)
Media Enquiries +44 203 021 3933 / +44 7854 979 420
Colin Paterson (Director of Marketing, Communication and Public
Relations)
Numis Securities Limited +44 207 260 1000
Michael Meade / Freddie Barnfield (Nominated Adviser)
James Black / Michael Burke (Corporate Broking)
Notes to Editors:
hVIVO is a life sciences company pioneering a technology
platform of human disease models to accelerate drug discovery and
development in respiratory and infectious diseases.
Through its illumination of the entire disease life cycle from
healthy to sick and back to health, the hVIVO platform captures
disease in motion and promotes rational selection of drug targets
and biomarkers in respiratory and infectious diseases, such as flu
and colds. It brings together a revolutionary set of capabilities
in product validation testing and the mining of biological
insights, in order to tackle the long timeline, significant costs
and high risks to market facing drug development and diagnostic
organisations today.
A market leader in human disease models and challenge studies,
hVIVO has commercialised four disease models, successfully enrolled
over 2,000 subjects and conducted over 40 product validation
studies for a wide range of industry, government and academia
clients and collaborators.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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