NEW YORK, Feb. 03, 2016 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (NASDAQ:TINY), an investor in transformative companies enabled by disruptive science, notes the announcement by its portfolio company, Mersana Therapeutics, that Mersana and Takeda Pharmaceutical Company Limited have entered a new strategic partnership granting Takeda rights to Mersana’s lead product candidate, XMT-1522, outside the United States and Canada. The deal also expands an existing collaboration between the companies to provide Takeda with additional access to Mersana’s Fleximer® antibody-drug conjugate (ADC) platform and grants Mersana an option at the end of Phase 1 to co-develop and co-commercialize one of these programs in the United States. In addition, the companies will co-develop new payloads for use with ADCs. XMT-1522 is an investigational, Fleximer-based ADC therapy that targets HER2-expressing tumors, including breast, gastric and non-small cell lung cancers.
Mersana will receive an upfront payment of $40 million and an additional payment of $20 million upon clearance of the IND (Investigational New Drug application) for XMT-1522 by the FDA. Subject to the success of the XMT-1522 and ADC programs, Mersana is eligible to receive milestone payments of more than $750 million combined, as well as royalties. Takeda will also invest up to $20 million in equity in future rounds of Mersana financing.
Mersana’s press release can be viewed at http://www.mersana.com/news/mersana-therapeutics-and-takeda-expand-partnership-advance-development-fleximer%C2%AE-antibody-dru-0.
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Press Contact: Daniel B. Wolfe Harris & Harris Group, Inc. 212-582-0900
Source:Harris & Harris Group