Published on 13 Feb 2023 on Benzinga via Yahoo Finance
Corbus Pharma Expands Precision Oncology Pipeline With Addition Of Clinical-Stage Antibody Drug...
Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) entered into an exclusive licensing agreement with CSPC Megalith Biopharmaceutical Co Ltd, a subsidiary of CSPC Pharmaceutical Group Limited, for the development and commercialization of CRB-701 (SYS6002), an antibody-drug conjugate targeting Nectin-4.The agreement covers exclusive commercialization rights to CRB-701 in the U.S., Canada, the European Union, the U.K., and Australia.The FDA has cleared the IND for CRB-701. CSPC is currently investigating CRB-701 in a Phase 1 dose escalation clinical trial in advanced solid tumors in China.Corbus is planning to bridge data from this Phase 1 trial to support a US clinical trial starting in 2024.Corbus and CSPC will work collaboratively to execute the clinical development of CRB-701, with Corbus responsible for the clinical development in the U.S. and other licensed territories.CSPC will receive an upfront payment of $7.5 million. CSPC will also be eligible to receive royalties on net sales and up to $130 million in potential development and regulatory milestone payments, and $555 million in potential commercial milestone payments.Concurrent with the licensing agreement, Corbus also announced a 1-for-30 reverse stock split of its common stock, effective on February 14, 2023.Price Action: CRBP shares are down 1.69% at $0.16 on the last check Monday.
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