Arrowhead Pharmaceuticals Earns $10 Million Milestone Payment from Amgen
PASADENA, Calif.--(BUSINESS WIRE)--Aug 1, 2018--Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced that it has earned a $10 million milestone payment from Amgen following the administration of the first dose of AMG 890, formerly referred to as ARO-LPA, in a clinical study. Amgen is evaluating AMG 890 in a Phase 1 clinical study designed to assess its safety in volunteers with elevated levels of lipoprotein (a) (Lp(a)). Emerging research has shown that elevated levels of Lp(a) are strongly associated with cardiovascular disease. AMG 890 is an RNAi therapeutic designed to lower Lp(a) for the treatment of cardiovascular disease.
Chris Anzalone, Ph.D., president and CEO at Arrowhead said, “We are thrilled that Amgen has advanced AMG 890 into a Phase 1 clinical study, resulting in a $10 million milestone payment to Arrowhead. Amgen has extensive expertise in developing and commercializing innovative cardiovascular medicines and we view our collaboration as further validation of the potential for Arrowhead’s proprietary Targeted RNAi Molecule, or TRiM™, technology platform to generate compelling product candidates. Importantly, AMG 890 represents the third drug candidate enabled by TRiM™ to enter clinical development this year, following ARO-AAT and ARO-HBV.”
“Amgen has a long-standing commitment to advancing innovative cardiovascular programs and the AMG 890 program is no exception,” said David M. Reese, M.D., executive vice president of Research and Development at Amgen. “We’re excited to embark on the AMG 890 clinical program in which we hope to translate strong genetic insights and Arrowhead’s exciting new RNAi technology into a treatment for patients with cardiovascular disease and elevated levels of Lp(a).”
Under the terms of the two cardiovascular agreements announced in September 2016, Arrowhead is eligible to receive up to $617 million in option payments, and development, regulatory, and sales milestone payments. Arrowhead is further eligible to receive up to low double-digit royalties for sales of products under the AMG 890 agreement and single-digit royalties for sales of products against an undisclosed target.
About Arrowhead Pharmaceuticals
Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead’s RNAi-based therapeutics leverage this natural pathway of gene silencing.
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Safe Harbor Statement under the Private Securities Litigation Reform Act:
This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the safety and efficacy of our product candidates, the duration and impact of regulatory delays in our clinical programs, our ability to finance our operations, the future success of our scientific studies, our ability to successfully develop drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, and the enforcement of our intellectual property rights. Our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q discuss some of the important risk factors that may affect our business, results of operations and financial condition. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.
Source: Arrowhead Pharmaceuticals, Inc.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180801005121/en/
CONTACT: Arrowhead Pharmaceuticals, Inc.
Vince Anzalone, CFA
Investors and Media:
LifeSci Advisors, LLC
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY CLINICAL TRIALS GENETICS INFECTIOUS DISEASES ONCOLOGY PHARMACEUTICAL
SOURCE: Arrowhead Pharmaceuticals, Inc.
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PUB: 08/01/2018 07:30 AM/DISC: 08/01/2018 07:30 AM