This license covers first-in-class small molecule YKL-40 inhibitors, including the lead molecule OAT-3912, which has shown potential therapeutic benefits in preclinical models in various cancers as well as inflammatory and fibrotic diseases, offering a novel approach to treating these conditions. In addition, the license covers a patent pending for a molecular screening test for further the continuation of the program and the development of new YKL-40 inhibitors.
The Bio-dollar value of the agreement is approximately $32 million
Warsaw, 15 October 2024 - Molecure S.A., a clinical stage biotechnology company, leveraging unique competencies in medical chemistry and biology to discover and develop first-in-class small molecule drugs that directly modulate protein activity and mRNA function to treat incurable diseases, has signed an exclusive licensing agreement with Ocean Biomedical Inc. (NASDAQ: OCEA) based in Providence, Rhode Island, USA. The agreement concerns the development and commercialization of the selective YKL-40 inhibitor program, including the lead molecule OAT-3912, which Molecure has developed to early preclinical stage, as well as a second patent for a primary screening test enabling continuation of a continued discovery and development of novel YKL-40 modulators.
Under the agreement, Ocean Biomedical gains the exclusive rights to further research, develop, manufacture and commercialize Molecure's OAT-3912 and other selective YKL-40 inhibitors worldwide and for all indications.
"We are pleased to have completed this transaction, which will enable further continued development of the YKL-40 inhibitor program and our lead molecule OAT-3912, which has shown potential therapeutic benefits in preclinical models in various cancers as well as inflammatory and fibrotic diseases, offering a novel approach to treating these conditions. This transaction at early stage of the program confirms the attractiveness of our early pipeline both from business and scientific perspective. The potential financial benefits for Molecure, assuming the achievement of milestones in the program's development by Ocean Biomedical and the drug's market launch according to the "bio-dollar value" formula, are estimated at approximately USD 32 million. This amount excludes potential royalties and sublicensing fees," said Marcin Szumowski, CEO, Co-Founder, and shareholder of Molecure S.A.
As part of the collaboration, Molecure and Ocean Biomedical teams will continue development efforts through a joint steering committee overseeing research progress and commercialization processes.
"We are excited to sign this agreement with Molecure as we see great potential in the biological target and its selective small molecule modulator," said Ocean Biomedical Chairman and Co-Founder, Dr. Chirinjeev Kathuria, "In our view, OAT-3912 has the potential to become a new therapeutic option for patients suffering from various types of cancers and fibrotic diseases, fitting perfectly into our strategy of pursuing innovative therapies in areas of unmet medical need. We are licensing the rights to further develop OAT-3912 and other selective YKL-40 modulators developed by Molecure, enriching our pipeline of programs modulating the activity of the very promising biological target - protein CHI3L1."
Under the agreement, Molecure will receive initial compensation of $600,000 in cash and stock. Molecure will receive further milestone payments upon achievement of preclinical & clinical development, regulatory & commercial milestones. The maximum bio-dollar value of the agreement amounts to approximately $32 million. Additionally, Molecure is also guaranteed additional revenues from the development and commercialization of other products containing selective YKL-40 inhibitors covered by the agreement, which Ocean Biomedical may choose to pursue.
This deal is based on a discovery program carried out by Molecure, focused on the development of selective YKL-40 modulators, which may play a key role in various cancers and fibrotic diseases. This program led to the discovery of the lead compound OAT-3912, which strongly and selectively binds to YKL-40. In preclinical in vivo studies OAT-3912 demonstrated efficacy in cancer, as well as inflammatory and fibrotic diseases.
About Ocean Biomedical Inc.
Ocean Biomedical Inc. (NASDAQ ticker: OCEA) is a U.S.-based global biotechnology company that licenses promising research and develops them through preclinical and clinical stages. Ocean Biomedical's R&D portfolio includes five research projects in indications such as lung fibrosis, cancers, and malaria, including a monoclonal antibody targeting YKL-40. One of the company's co-founders and Chairman of its Scientific Advisory Board is Prof. Jack A. Elias, a renowned researcher and physician in the field of respiratory diseases, particularly known for his work on the translational use of YKL-40 as a therapeutic target in various lung diseases, including cancer and fibrosis.
About Molecure S.A.
Molecure S.A. is a clinical stage biotechnology company. The company uses its unique competencies in medical chemistry and biology to discover and develop first-in-class small molecule drugs that directly modulate previously unexploited protein and RNA targets, offering treatments for many incurable diseases.
Molecure has generated a diversified portfolio of seven distinct programs with the support of leading academic research institutions worldwide, including Yale University, Rutgers University, the Flemish Institute for Biotechnology (VIB) in Ghent, the University of Michigan, Trinity College Dublin (TCD) and the International Institute of Molecular and Cell Biology in Warsaw (IIMCB).
The most advanced drug candidate developed by Molecure is OATD-01, the first-in-class CHIT1 inhibitor for the treatment of interstitial lung diseases such as sarcoidosis, idiopathic pulmonary fibrosis, and MASH, currently in Phase II clinical trials. The second drug candidate is OATD-02, an oral selective first-in-class dual arginase inhibitor (ARG1 and ARG2) for the treatment of cancer, whose Phase I clinical trial began with the first patient dose in Q1 2023.
Molecure's headquarters and laboratories are located in Warsaw and Lódz. The company is listed on the Warsaw Stock Exchange (ticker: MOC).
More information is available at: molecure.com
LinkedIn: Molecure | Twitter: @molecure_sa | YouTube: Molecure SA
For further information, please contact:
Molecure S.A. (PR & IR)
Marta Borkowska
Email: m.borkowska@molecure.com
+(48) 728 728 143
