Business
Autifony signs Eur627.5m agreement with BI
Autifony signs Eur627.5m agreement with BI.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 6292Z IP Group PLC 18 December 2017 \n\n\n\n\n\nFOR RELEASE ON\n\n\n18 December 2017\n\n\n\n\n \nTHIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.\n \nIP Group plc - Portfolio company Autifony Therapeutics signs €627.5 million collaboration agreement with Boehringer Ingelheim\n \nIP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, is pleased to note that Touchstone Innovations portfolio company Autifony Therapeutics Limited (\"Autifony\") has announced that it has signed an agreement with Boehringer Ingelheim about certain aspects of Autifony's voltage gated potassium channel modulator platform.\n \nAutifony is a UK-based biotechnology company formed in 2011 as a spin-out from GSK with investment from Touchstone Innovations plc. Autifony is focused on the development of high value, novel medicines to treat serious diseases of the central nervous system. IP Group holds a direct undiluted beneficial stake of 26.5% in Autifony and is reviewing the carrying value of this asset as part of its year-end audit. Autifony entered the IP Group portfolio following the acquisition of Touchstone Innovations plc earlier in 2017.\n \nBoehringer Ingelheim now has an exclusive option to purchase Autifony's Kv3.1/3.2 positive modulator platform. Included in the agreement is the lead compound AUT00206, a novel, orally active small molecule that is currently being evaluated in two Phase Ib studies, including one in patients with schizophrenia.\n \nBoehringer Ingelheim will pay Autifony a €25 million upfront fee, with the possibility of further payments of up to €17.5 million during the option period based on achievement of short term milestones. The total potential transaction may sum up to €627.5 million upon reaching development and pre-commercialisation milestones once Boehringer Ingelheim has exercised its option. Further financial details are not disclosed. \n \nDr. Charles Large, CEO of Autifony Therapeutics said: \"Autifony has pioneered the development of Kv3.1/3.2 modulators for the treatment of schizophrenia, Fragile X syndrome, and disorders of hearing. Our compounds have the potential to change the treatment paradigm for these disorders, and we welcome th...