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Investing.com -- SystImmune, Inc. announced Monday it has received a $250 million milestone payment from Bristol Myers Squibb (NYSE:BMY) after treating the first patient in its IZABRIGHT-Breast01 registrational study.
The payment was triggered under the companies’ 2023 collaboration and exclusive license agreement for izalontamab brengitecan (iza-bren), a potential first-in-class bispecific antibody-drug conjugate that targets both EGFR and HER3 receptors.
The global Phase 2/3 study (NCT06926868) is evaluating iza-bren in previously untreated triple negative breast cancer patients who are ineligible for anti-PD(L)1 drugs.
SystImmune remains eligible to receive up to an additional $250 million in near-term contingent payments and up to $7.1 billion in future development, regulatory, and sales performance milestone payments.
"This milestone marks a significant step forward in the global clinical development of iza-bren," said Dr. Yi Zhu, Chairman of SystImmune. "The robust data generated from our China-based trials have played an important role in accelerating development timelines and informing global strategy."
Dr. Jie D’Elia, CEO of SystImmune, added that the milestone payment "significantly reinforces our financial position, enabling us to accelerate the global development of our differentiated ADC portfolio."
Iza-bren is currently being evaluated in multiple clinical trials, including studies for lung cancer and bladder cancer. The program recently received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for treating patients with previously treated advanced EGFR-mutated non-small cell lung cancer.
The drug is being developed by SystImmune’s parent company, Sichuan Biokin Pharmaceutical Co., Ltd. in China and jointly developed by SystImmune and Bristol Myers Squibb in territories outside of China.
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