MacroGenics Announces Achievement of $100 Million in Milestones Related to Retifanlimab Collaboration with Incyte
MacroGenics (NASDAQ: MGNX) has achieved $100 million in milestones from Incyte related to the development of ZYNYZ® (retifanlimab-dlwr), a PD-1 inhibitor for treating Merkel cell carcinoma. This milestone is part of a 2017 collaboration agreement, under which MacroGenics has now received $215 million in total milestones. The company remains eligible for up to $540 million in additional milestones and tiered royalties of 15-24% on ZYNYZ's worldwide net sales. MacroGenics expects its current cash balance, including the recent $100 million, along with projected future payments and revenues, to support its operations into 2026.
MacroGenics (NASDAQ: MGNX) ha raggiunto 100 milioni di dollari in traguardi da Incyte per lo sviluppo di ZYNYZ® (retifanlimab-dlwr), un inibitore della PD-1 per il trattamento del carcinoma delle cellule di Merkel. Questo traguardo fa parte di un accordo di collaborazione del 2017, in base al quale MacroGenics ha ora ricevuto 215 milioni di dollari in traguardi totali. L'azienda è ancora idonea a ricevere fino a 540 milioni di dollari in ulteriori traguardi e royalty scalari del 15-24% sulle vendite nette mondiali di ZYNYZ. MacroGenics prevede che il suo attuale saldo di cassa, incluso il recente investimento di 100 milioni di dollari, insieme ai pagamenti futuri previsti e ai ricavi, sosterrà le sue operazioni fino al 2026.
MacroGenics (NASDAQ: MGNX) ha logrado 100 millones de dólares en hitos por parte de Incyte relacionados con el desarrollo de ZYNYZ® (retifanlimab-dlwr), un inhibidor de PD-1 para tratar el carcinoma de células de Merkel. Este hito forma parte de un acuerdo de colaboración de 2017, bajo el cual MacroGenics ha recibido hasta ahora 215 millones de dólares en hitos totales. La empresa es elegible para recibir hasta 540 millones de dólares en hitos adicionales y regalías escalonadas del 15-24% sobre las ventas netas mundiales de ZYNYZ. MacroGenics espera que su saldo de efectivo actual, incluido el reciente monto de 100 millones de dólares, junto con los pagos y los ingresos futuros proyectados, soporte sus operaciones hasta 2026.
MacroGenics (NASDAQ: MGNX)는 1억 달러의 이정표를 Incyte로부터 수령하며 ZYNYZ® (retifanlimab-dlwr) 개발에 성공했습니다. ZYNYZ는 메르켈 세포 암종을 치료하기 위한 PD-1 억제제입니다. 이 이정표는 2017년 협력 계약의 일환으로, MacroGenics는 총 2억 1천5백만 달러의 이정표를 지금까지 수령했습니다. 이 회사는 ZYNYZ의 전 세계 순매출에 대해 최대 5억 4천만 달러의 추가 이정표 및 15-24%의 단계적 로열티를 받을 수 있는 조건을 유지하고 있습니다. MacroGenics는 최근 1억 달러를 포함한 현재 현금 잔고와 예상되는 향후 지급 및 수익이 2026년까지 운영을 지원할 것으로 기대하고 있습니다.
MacroGenics (NASDAQ: MGNX) a atteint 100 millions de dollars en jalons de la part d'Incyte liés au développement de ZYNYZ® (retifanlimab-dlwr), un inhibiteur de PD-1 destiné à traiter le carcinome à cellules de Merkel. Ce jalon fait partie d'un accord de collaboration de 2017, selon lequel MacroGenics a maintenant reçu 215 millions de dollars en jalons totaux. L'entreprise est éligible à recevoir jusqu'à 540 millions de dollars en jalons supplémentaires et des redevances échelonnées de 15-24% sur les ventes nettes mondiales de ZYNYZ. MacroGenics s'attend à ce que son solde de trésorerie actuel, y compris les récents 100 millions de dollars, ainsi que les paiements et revenus futurs prévus, soutiennent ses opérations jusqu'en 2026.
MacroGenics (NASDAQ: MGNX) hat 100 Millionen US-Dollar an Meilensteinen von Incyte erreicht, die mit der Entwicklung von ZYNYZ® (retifanlimab-dlwr), einem PD-1-Inhibitor zur Behandlung von Merkelzellkarzinom, verbunden sind. Dieser Meilenstein ist Teil einer Kooperationsvereinbarung aus dem Jahr 2017, im Rahmen derer MacroGenics nun 215 Millionen US-Dollar an Gesamtsummen erhalten hat. Das Unternehmen ist berechtigt, bis zu 540 Millionen US-Dollar an zusätzlichen Meilensteinen sowie gestaffelte Lizenzgebühren von 15-24% auf die weltweiten Nettoumsätze von ZYNYZ zu erhalten. MacroGenics erwartet, dass der aktuelle Kassenbestand, einschließlich der kürzlichen 100 Millionen US-Dollar, zusammen mit den prognostizierten zukünftigen Zahlungen und Einnahmen, die Aktivitäten bis 2026 unterstützen wird.
- Achieved $100 million in milestones from Incyte
- Total milestones received under the collaboration agreement reached $215 million
- Eligible for up to $540 million in additional potential milestones
- Receives tiered royalties of 15-24% on ZYNYZ worldwide net sales
- Cash runway extended into 2026
- None.
Insights
The achievement of
What's particularly noteworthy is the impact on MacroGenics' cash runway. The company now projects its cash reserves will last into 2026, a considerable extension that provides important breathing room for its ongoing R&D efforts. This extended runway is vital in the capital-intensive biotech sector, where cash burn is a constant concern.
Moreover, the potential for additional milestone payments - up to
From an investor's perspective, this news reduces near-term financing risks and potentially delays the need for dilutive equity raises. However, it's important to monitor the progress of ZYNYZ in other indications and its commercial performance, as these will ultimately determine the long-term value of this collaboration for MacroGenics.
The FDA approval of ZYNYZ® (retifanlimab-dlwr) for metastatic or recurrent locally advanced Merkel cell carcinoma represents a significant advancement in the treatment landscape for this rare and aggressive skin cancer. As a PD-1 inhibitor, ZYNYZ harnesses the power of immunotherapy, a approach that has shown remarkable efficacy in various cancers.
What's particularly intriguing is Incyte's pursuit of retifanlimab's development in other indications, both as a monotherapy and in combination regimens. This broad development strategy could potentially expand the drug's utility across multiple cancer types, significantly increasing its market potential.
However, it's important to note that the PD-1/PD-L1 inhibitor market is highly competitive, with established players like Merck's Keytruda and Bristol Myers Squibb's Opdivo dominating the field. ZYNYZ will need to demonstrate superior efficacy or a better safety profile in its ongoing trials to carve out a significant market share.
The success of ZYNYZ in Merkel cell carcinoma and its potential in other indications could have far-reaching implications for cancer treatment. Investors should closely monitor the results of ongoing clinical trials, as positive outcomes could significantly boost both Incyte's and MacroGenics' market positions in the oncology space.
Confirming cash runway guidance into 2026
ROCKVILLE, MD, July 30, 2024 (GLOBE NEWSWIRE) -- MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer, today announced the achievement of
Under the 2017 collaboration agreement with Incyte, MacroGenics received an upfront payment of
MacroGenics expects to provide its June 30, 2024 cash, cash equivalents and marketable securities balance in its second quarter earnings announcement on or around August 6, 2024. The Company currently anticipates that its June 30, 2024 cash balance plus the
About MacroGenics, Inc.
MacroGenics (the Company) is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative monoclonal antibody-based therapeutics for the treatment of cancer. The Company generates its pipeline of product candidates primarily from its proprietary suite of next-generation antibody-based technology platforms, which have applicability across broad therapeutic domains. The combination of MacroGenics' technology platforms and protein engineering expertise has allowed the Company to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical and biotechnology companies. For more information, please see the Company's website at www.macrogenics.com. MacroGenics, the MacroGenics logo, and MARGENZA are trademarks or registered trademarks of MacroGenics, Inc.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for MacroGenics (“Company”), including statements about the Company’s strategy, future operations, clinical development of the Company’s therapeutic candidates, including initiation and enrollment in clinical trials, expected timing of results from clinical trials, discussions with regulatory agencies, commercial prospects of or product revenues from MARGENZA and the Company’s product candidates, if approved, manufacturing services revenue, milestone or opt-in payments from the Company’s collaborators, the Company’s anticipated milestones and future expectations and plans and prospects for the Company, as well as future global net sales of TZIELD and the Company’s ability to achieve the milestone payments set forth under the terms of the agreement with DRI (or its successors or assigns with respect to such agreement), and other statements containing the words “subject to”, "believe", “anticipate”, “plan”, “expect”, “intend”, “estimate”, “potential,” “project”, “may”, “will”, “should”, “would”, “could”, “can”, the negatives thereof, variations thereon and similar expressions, or by discussions of strategy constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks that TZIELD, vobramitamab duocarmazine, lorigerlimab, ZYNYZ, MARGENZA or any other product candidate’s revenue, expenses and costs may not be as expected, risks relating to TZIELD, vobramitamab duocarmazine, lorigerlimab, ZYNYZ, MARGENZA or any other product candidate’s market acceptance, competition, reimbursement and regulatory actions; future data updates, especially with respect to vobramitamab duocarmazine; our ability to provide manufacturing services to our customers; the uncertainties inherent in the initiation and enrollment of future clinical trials; the availability of financing to fund the internal development of our product candidates; expectations of expanding ongoing clinical trials; availability and timing of data from ongoing clinical trials; expectations for the timing and steps required in the regulatory review process; expectations for regulatory approvals; expectations of future milestone payments; the impact of competitive products; our ability to enter into agreements with strategic partners and other matters that could affect the availability or commercial potential of the Company's product candidates; business, economic or political disruptions due to catastrophes or other events, including natural disasters, terrorist attacks, civil unrest and actual or threatened armed conflict, or public health crises such as the novel coronavirus (referred to as COVID-19 pandemic); and other risks described in the Company's filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's views only as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
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