OSLO: Lytix Biopharma AS (Lytix), a clinical-stage company with an in situ vaccination technology platform targeting cancer indications, notes that the first patient has been dosed in Verrica Pharmaceuticals Inc.’s Phase II study evaluating LTX-315 for the treatment of basal cell carcinoma (skin cancer).
This triggers a USD 1 million milestone payment to Lytix in accordance with the licensing agreement between the parties.
Verrica Pharmaceuticals Inc (“Verrica”) has an exclusive worldwide license agreement with Lytix to develop and commercialize LTX-315 for dermatologic oncology conditions.
“We are delighted to see Verrica doses the first patient in its Phase II trial evaluating LTX-315 as a non-surgical treatment option for patients with basal cell carcinoma. Non-melanoma skin cancers, including basal cell and squamous cell carcinomas, are the most common form of cancer in the U.S., with over 5 million diagnoses each year, and there is a high unmet need for new treatments. We look forward to following the development of our novel oncolytic molecule as a potential new treatment for non-melanoma skin cancer,” said Øystein Rekdal, CEO of Lytix Biopharma.
LTX-315 is a first-in-class oncolytic molecule representing a new and superior in situ therapeutic vaccination principle, and in August 2020, Lytix licensed LTX-315 to Verrica for the treatment of dermatologic oncology indications.
Under the terms of the agreement, Lytix is entitled to receive an upfront payment, contingent regulatory milestones based on achievement of specified development goals, and sales milestones, with aggregate payments of up to USD 111 million, including the mentioned milestone. In addition, Lytix is entitled to receive tiered royalties based on worldwide annual sales. There are approximately 3-4 million patients diagnosed with basal cell carcinomas in the U.S. each year, with a high unmet need for new treatment options.
Based in Oslo, Norway, Lytix Biopharma is a clinical-stage biotech company developing novel cancer immunotherapies, an area within cancer therapy that is aimed at activating the patient’s immune system to fight cancer. The Company’s technology is based on pioneering research in “host defense peptides” – nature’s first line of defense towards foreign pathogens.
Lytix Biopharma’s lead product, LTX-315, is a first-in-class oncolytic molecule representing a new and superior in situ therapeutic vaccination principle to boost anti-cancer immunity, with the potential to be the ideal combination partner with other types of immunotherapies. LTX-315 target cancer cells and disintegrate their cell membranes, causing immunogenic cell death and release of a patient’s tumor specific antigens. This mode of action allows cytotoxic T cells to recognize, infiltrate, and attack cancer cells. The Company was listed on Euronext Growth in Oslo in June 2021, following a private placement covered by investors such as PBM Capital, a U.S. based, healthcare-focused investment firm.