- Milestone payment is related to the establishment of 2seventy bio’s strategic partnership with JW Therapeutics
- Payment provides further validation of Medigene’s end-to-end platform
MARTINSRIED, Germany and MUNICH, Germany, Jan. 18, 2023 (GLOBE NEWSWIRE) — Martinsried — Medigene AG (Medigene, FSE: MDG1, Prime Standard), an immuno-oncology company focused on the development of differentiated, best-in-class T Cell Receptor engineered T cell (TCR-T) therapies, today announced that it has received a $3 million milestone payment from its partner 2seventy bio as part of its T cell receptor agreement in cancer immunotherapy, and which may lead to further potential milestone payments in the future. This payment follows the strategic alliance between 2seventy bio (NASDAQ:TSVT), and JW Therapeutics (HKEX: 2126), with the initial focus on the development of 2seventy bio’s MAGE-A4 program which employs a highly potent TCR discovered in collaboration with Medigene’s proprietary end-to-end technology platform.
2seventy bio (NASDAQ:TSVT) recently announced the initiation of a strategic partnership with JW Therapeutics (HKEX: 2126) with an initial focus of the collaboration being the development of 2seventy bio’s MAGE-A4 cell therapy in mainland China, Hong Kong, and Macao.
“We are delighted that Medigene’s partnership with 2seventy bio, has led to the progress of cell therapies in China through 2seventy bio’s strategic alliance with JW Therapeutics,” said Dr. Selwyn Ho, Chief Executive Officer of Medigene. “This alliance, and recent milestone payment to Medigene, further validate our end-to-end technology platform and its potential to deliver differentiated, best-in-class TCRs. We look forward to the commencement of the MAGE A-4 TCR program in mainland China, Hong Kong, and Macao, and the benefits this could mean for patients.”
“We are excited about the ability to accelerate the development of the MAGE-A4 program; made possible in part by the important contributions of our collaboration with Medigene,” said Steve Bernstein, chief medical officer, 2seventy bio. “This is a powerful program, supported by our collective areas of expertise and designed to create potentially transformative treatments for patients with solid tumors.”
The payment does not alter guidance on the cash runway of Medigene, which based on current planning, remains into Q4 2024.
