SUNNYVALE, Calif., June 19, 2012 (GLOBE NEWSWIRE) -- Galaxy Biotech, LLC, a biotechnology company focused on developing monoclonal antibodies for the treatment of cancer, announced today that it has received notice from Takeda Pharmaceutical Company Ltd. terminating its license from Galaxy Biotech to develop and commercialize humanized L2G7 (also designated as HuL2G7 and TAK‑701), an antibody that targets hepatocyte growth factor (HGF). The termination is expected to be completed within 30 days, at which time Galaxy will regain the worldwide rights to the antibody.
HGF is a growth and angiogenic factor believed to be involved in various types of cancer, including lung, breast and gastric cancer and glioblastoma. Recently, promising results with HGF antagonists have been obtained in clinical trials. L2G7 was the first monoclonal antibody developed that effectively neutralizes HGF. Galaxy has received patents that cover L2G7, HuL2G7 and related anti-HGF antibodies, and methods of treating cancer with such antibodies, in the United States, Europe and Japan. In 2006, Galaxy licensed its anti-HGF antibody program to Takeda Pharmaceutical Company, which has successfully completed a Phase I clinical trial of HuL2G7 through its subsidiary Millennium: The Takeda Oncology Company.
Dr. Cary Queen, President of Galaxy Biotech, commented, "While we are sorry that HuL2G7 no longer fits in the Takeda product development portfolio, we appreciate the efforts that Takeda devoted to developing the antibody through Phase I and the support that it has provided to our company. Our agreement with Takeda calls for the transfer to Galaxy of all regulatory documents and materials needed for development of this product. Hence, we look forward to a rapid restart of clinical trials for HuL2G7, based on the excellent safety profile seen in the Phase I trial. We will actively seek to outlicense HuL2G7 to a pharmaceutical company committed to completing clinical development of this exciting compound, and have engaged Geller Biopharm, a full service healthcare investment bank specializing in pharmaceutical transactions, as our exclusive agent to help us in this endeavor."
About Galaxy Biotech
Galaxy Biotech, LLC, is a 10-year old company with laboratories in Sunnyvale, CA, that is developing humanized antibodies against growth factors and their receptors for the treatment of cancer. The company was founded by Cary Queen, Ph.D., a senior biotechnology executive who previously co-founded Protein Design Labs, Inc. and developed fundamental technology for the humanization of antibodies that has been widely used and licensed in the pharmaceutical industry; K. Jin Kim, Ph.D., a leading scientist in the field of monoclonal antibodies and their application to cancer, who developed the mouse precursor antibody of Avastin® while a Senior Scientist at Genentech, Inc.; and James Larrick, M.D., Ph.D., who has founded numerous biotechnology companies.
About Geller Biopharm (www.gellerbiopharm.com)
Geller Biopharm is a healthcare investment bank based in NYC that has extensive experience and is actively engaged in licensing, mergers, acquisitions and consulting assignments for biotech, pharmaceutical and medical device companies. All securities and investment advisory services, including financial raises, provided by Geller Biopharm's members are offered through Financial West Group (FWG), member FINRA/SIPC. Geller Biopharm and FWG are not affiliated.