PharmaEngine has entered into a license and collaboration agreement to develop and commercialize Nanobiotix's NBTXR3 radioenhancer in Australia, China, India, Japan, Korea, Taiwan and other countries in the Asia-Pacific region.
NBTXR3, a nanoparticle formulation of hafnium oxide crystals, is designed for the local treatment of tumors.
Under the agreement, Nanobiotix will receive an upfront payment of $1m and upon achievement of certain development, regulatory and sales milestones, it will receive $56m.
PharmaEngine said it will further fund the clinical development of NBTXR3 in three different indications, according to an agreed upon time schedule and development plan.
PharmaEngine president and chief executive officer Grace Yeh said the company is attracted with approach of NBTXR3 to overcome the current limitations of radiotherapy, and the possibility of developing it as a medical device which follows a faster development and regulatory pathway than a drug.
"We believe that by joining forces with Nanobiotix, PharmaEngine can expand the clinical applications of this project based on our successful experience with a nanoparticle formulation of irinotecan (PEP02)," Yeh added.
Nanobiotix CEO Laurent Levy said, "The studies conducted by PharmaEngine in three different indications in Asia will add to the ongoing European Phase I study in soft tissue sarcoma and another Phase I study to be initiated by Nanobiotix in early 2013 – all of this will be closely coordinated between both companies to ensure a broad clinical development."