2nd May 2018 10:32
LONDON (Alliance News) - Life science focused investment trust Syncona Ltd said Wednesday its portfolio company Blue Earth Diagnostics has signed an exclusive licence for a radio-hybride prostate specific membrane antigen agent.
Blue Earth signed the licence with Scintomics GmbH - a German company that specialises in radiopharmaceuticals and radiopharmaceutical technologies - for the rhPSMA-7, which is a high potential cancer imaging agent.
The licence includes the worldwide rights to the "high quality" agents for prostate cancer imaging as well as the exclusive option to explore therapeutic uses. The licence was funded by Blue Earth.
Syncona also said that Blue Earth's valuation has increased to GBP186.8 million to GBP123.1 million owing to the "continued strong performance" of its first prostate cancer diagnostic agent, Axumin, and this new licence.
Unit sales of Axumin have "steadily increased" in the least six quarter, since its August 2016 launch, and have been 3,700 in the last quarter of 2017 and 5,000 in the first quarter of 2018. As a result, Blue Earth is now "profitable".
Iraj Ali, Syncona partner and director of Blue Earth, said: "We are very encouraged by the continued strong performance of Blue Earth and the momentum of Axumin which has now been dosed in over 15,000 patients globally and is showing clear patient utility. This performance demonstrates the success of the Syncona strategy to take a hands-on approach to developing high quality companies taking products all the way to market."
"The move to secure rhPSMA-7, a novel, high-potential PSMA agent with unique attributes, represents an exciting opportunity. We believe this is one of the leading assets in the space which gives Blue Earth the ability to extend its position in prostate cancer diagnostics."
Shares in Syncona were up 4.6% to 207.58 pence each Wednesday morning.
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