LadRx and ImmunityBio Mutually Agree to Terminate Aldoxorubicin License
June 03 2024 - 7:45PM
Business Wire
Aldoxorubicin Returns to LadRx
LadRx Corporation (OTCQB: LADX) (“LadRx” or the “Company”), a
biopharmaceutical innovator focused on research and development of
life-saving cancer therapeutics, is pleased to announce that the
Company and NantCell, Inc. (“NantCell”), together with NantCell’s
parent company ImmunityBio, Inc. (“ImmunityBio”), have agreed to a
mutual termination of the license of aldoxorubicin entered into in
2017.
With the termination of the license agreement between LadRx and
NantCell, LadRx regains control of aldoxorubicin. In 2023, LadRx
transferred the royalty and milestone rights of arimoclomol and
aldoxorubicin to XOMA Corporation (NASDAQ: XOMA) (“XOMA”) in
exchange for $5 million in upfront gross proceeds, up to an
additional $2 million for milestones related to arimoclomol and $5
million for milestones related to aldoxorubicin. XOMA consented to
the mutual termination of the LadRx-NantCell agreement in order to
facilitate the return of the program to LadRx. In parallel, LadRx
and XOMA have amended their 2023 Royalty Purchase Agreement to
provide XOMA with a low-single-digit synthetic royalty on
aldoxorubicin and a mid-single-digit percentage of any economics
derived by LadRx from future out-license agreements related to
aldoxorubicin. The agreement between LadRx and XOMA regarding
future royalties and milestones associated with arimoclomol is not
affected by the termination of the aldoxorubicin license between
LadRx and NantCell.
Stephen Snowdy, PhD, CEO of LadRx commented, “We are excited to
have aldoxorubicin back in-house. Aldoxorubicin is the first
LADR-based drug to reach the clinic and was shown in multiple
clinical studies to have lower cardiotoxicity compared to
doxorubicin while showing promise of efficacy in a Phase II trial
in advanced soft tissue sarcoma. Aldoxorubicin also proved the
premise of LADR-based drugs that targeting chemotoxins via the LADR
backbone allows for several-fold higher dosing of chemotherapeutic
drugs.”
Dr. Snowdy continued, “We congratulate ImmunityBio on their
recent successes with their immunity-based products and certainly
understand their going-forward focus on those modalities. Over the
coming months, we will be reviewing the pre-clinical and clinical
data for aldoxorubicin and plotting a path forward for its
continued clinical development. Meanwhile, we continue to march
LADR-7 towards the clinic and remain on track for filing an IND
application for LADR-7 in the third or fourth quarter of 2024.”
Forward-Looking
Statements
This press release may contain certain statements relating to
future results which are forward-looking statements, including
whether the company’s strategic review will be successful and
whether the stock split will help the company be more successful in
evaluating strategic alternatives. These statements are not
historical facts, but instead represent only LadRx’s belief
regarding future events, many of which, by their nature, are
inherently uncertain and outside of LadRx’s control. Such
statements involve risks and uncertainties that could cause actual
events or results to differ materially from the events or results
described in the forward-looking statements; and other risks and
uncertainties described in the most recent annual and quarterly
reports filed by LadRx with the SEC, including disclosures under
the heading “Risk Factors,” and current reports filed since the
date of the LadRx’s most recent annual report. All forward-looking
statements are based upon information available to LadRx on the
date the statements are first published. LadRx undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About LadRx
LadRx Corporation (OTCQB: LADX) is a biopharmaceutical company
developing new therapeutics to treat patients with cancer. LadRx
Corporation’s website is www.ladrxcorp.com.
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Longacre Square Partners Greg Marose / Charlotte Kiaie
ladrx@longacresquare.com