Axovant licenses OXB-102 for Parkinson’s disease and announces key leadership team addition

|About: Axovant Sciences (AXON)|By:, SA News Editor

Axovant Sciences (NASDAQ:AXON) has licensed the exclusive worldwide rights to develop and commercialize OXB-102, now AXO-Lenti-PD, from Oxford BioMedica (OTCPK:OXBDF).

AXO-Lenti-PD is an investigational gene therapy for Parkinson’s disease that delivers three genes encoding a critical set of enzymes required for dopamine synthesis in the brain. Axovant expects to initiate a Phase 1/2 dose escalation study of AXO-Lenti-PD in patients with advanced Parkinson’s disease by the end of 2018.

Under the terms of the license agreement, Axovant obtained rights to AXO-Lenti-PD, as well as its predecessor product ProSavin, for an initial payment of $30M in cash. Oxford BioMedica is also eligible to receive additional development, regulatory, and commercial milestone payments in excess of $812M, and tiered royalties on net sales of AXO-Lenti-PD, if approved. Also, Roivant has agreed to purchase $25M of Axovant common shares and additional business development activities.

Fraser Wright, PhD, will join Axovant as Chief Technology Officer overseeing the company’s gene therapy initiatives. He is the Co-Founder and former Chief Technology Officer of Spark Therapeutics.

The Company will hold conference call today at 8:00 a.m EDT.

Shares are up 34% premarket.