PRESS RELEASE:
WOBURN, Mass.–(BUSINESS WIRE)–April 6, 2016–
Abpro, an integrated life science company at the forefront of synthetic biology, today announced a partnership with Essex Bio, a China-based biopharmaceutical company. Abpro and Essex will co-develop multiple monoclonal antibodies in immuno-oncology and ophthalmology by leveraging Abpro’s DiversImmune™ platform. Abpro received a $3.5M equity investment from Essex Bio and an undisclosed amount from affiliates, as part of the agreement.
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Ann Liu, PhD, a research scientist in Abpro’s facility in Woburn (Photo: Business Wire)
“This partnership with Essex Bio adds further validation to our discovery platform and provides an opportunity to advance novel therapeutics with one of the largest ophthalmology companies in China, which is the second largest pharmaceutical market in the world,” said Ian Chan, CEO of Abpro. “This agreement results in a strong partnership with R&D efforts and significant capabilities both in the United States and China.”
“Abpro’s unique proprietary platform has proven to be successful against traditionally difficult targets for antibodies and offers significant potential for us to co-develop novel therapeutic treatments for immuno-oncology and ophthalmic diseases,” said Patrick Ngiam, Founder and Chairman of Essex Bio. “We look forward to leveraging this platform to advance monoclonal assets into the clinic and onto commercialization.”
According to the agreement, Abpro will receive an upfront equity investment from Essex Bio and affiliates. The companies will advance multiple assets through pre-clinical and clinical development and seek commercial authorizations. Essex Bio holds commercial rights to these assets in China, and Abpro retains commercialization rights in the U.S. and rest of world, excluding China, with cross-royalties from each region. Through its DiversImmune™ platform, Abpro generates antibodies with high sensitivity and specificity for advancing human health.
Abpro’s products and discovery services are used by leading academic labs and companies around the world for life science research purposes, such as therapeutics, diagnostics and research products. Abpro has formed multiple partnerships around novel biomolecules with leading biotechnology and international pharmaceutical companies including Amgen, Eli Lilly, Genzyme, MedImmune, Merck, Novartis, Pfizer, and others. In addition, Abpro has collaborated with several academic research centers, including Harvard University, Massachusetts Institute of Technology and Stanford University.
About Essex Bio
Essex Bio specializes in biopharmaceutical drug development based on recombinant DNA technology. It is principally engaged in the manufacture and sale of biopharmaceutical products for the treatment and healing of surface wounds and eye wounds. The Group also engaged in the research and development of bFGF products for new indications, as well as other ophthalmic pharmaceutical projects. For more information, visit www.essexbio.com/
About Abpro
Abpro is the pioneer of industrial biochemistry. Through its core technology, the DiversImmuneTM platform, Abpro leverages synthetic biology and immunology to accelerate antibody discovery and development in the life sciences industry. The company creates novel bio-molecules to improve human and animal health by developing products in the research, diagnostic and therapeutic markets. For more information, visit www.abpro.com/
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Abpro
Corporate Contact:
Michelle Wang
mwang@abpro-labs.com
or
Media Contact:
David Connolly, 617-374-8800 ext. 108
dconnolly@lavoiehealthscience.com
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