BMS exclusive worldwide license agreement with PsiOxus Therapeutics for NG-348

BMS and PsiOxus Therapeutics, Ltd. announced an agreement granting Bristol-Myers Squibb exclusive worldwide rights to NG-348, a pre-clinical stage, “armed” oncolytic virus with the goal of addressing solid tumors.

What is oncolytic virus therapy?
Oncolytic virus therapy utilizes modified viruses like the adenovirus (otherwise known as the common cold virus) that selectively replicate within tumor cells and not within normal tissue. Such viruses stimulate an inflammatory response in the tumor microenvironment, resulting in the accumulation of tumor infiltrating lymphocytes. The NG-348 virus uses PsiOxus’ proprietary Tumor-Specific Immuno-gene Therapy (T-SIGn) platform to “arm” the virus with two additional immuno-therapeutic transgenes.

Financials of the deal

Under the terms of the agreement, Bristol-Myers Squibb will grant PsiOxus a $50 million upfront payment and will be solely responsible for global clinical development and commercialization activities related to NG-348. PsiOxus is also eligible to receive up to $886 million in development, regulatory and sales-based milestones, as well as royalties on net sales. Bristol-Myers Squibb will also be responsible for providing PsiOxus funding to support activities related to the preclinical development of NG-348.