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Repare Therapeutics Receives $1.5 Million (¥200 million) Payment from Ono Pharmaceuticals
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Repare Therapeutics Inc. (NASDAQ: RPTX) announced a $1.5 million research service payment from Ono Pharmaceutical Co., Ltd. This payment is part of their 2019 Strategic Partnership Agreement, linked to the Polθ program (RP-2119). The funding indicates a key milestone as Repare progresses towards IND-enabling studies and prepares for clinical trials anticipated to start in summer 2023. To date, the Ono Agreement has facilitated approximately $8.1 million in funding for Repare, evidencing ongoing collaboration and financial support for its oncology research initiatives.
Positive
Received $1.5 million payment from Ono Pharmaceutical, indicating progress in research.
Milestone achievement in the RP-2119 Polθ program, enhancing investor confidence.
Negative
None.
CAMBRIDGE, Mass. & MONTREAL--(BUSINESS WIRE)--
Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company, today announced that the Company has received an approximately $1.5 million (¥200 million) research service payment from Ono Pharmaceutical Co., Ltd. (“Ono”). The payment reflects achievement of a specified research trigger, under the companies’ 2019 Strategic Partnership Agreement (“Ono Agreement”). Under the terms of the Ono Agreement, Repare is primarily responsible for carrying out research activities for its Polθ program, now known as RP-2119, until the first submission of an IND in the U.S. or Japan. “This reflects an important milestone in our RP-2119 Polθ program, as we undertake our IND-enabling studies and prepare for our previously guided initiation of clinical trials in the summer of 2023,” said Kim A. Seth, Chief Business Officer of Repare.
Ono Strategic Partnership Agreement
In January 2019, Repare entered into an exclusive strategic research, development and commercialization partnership with ONO Pharmaceutical Co., Ltd., for Repare’s small molecule Polθ inhibitor program, now known as RP-2119, in Japan, South Korea, Taiwan, Hong Kong, Macau and ASEAN countries, excluding mainland China. Repare retains all rights to develop and commercialize the products outside the ONO territory, including the US, Canada and EU. Under the terms of the Ono Agreement, Ono paid Repare approximately $8.1 million, comprised of an initial upfront fee and research service payments, and agreed to make additional research service payments upon (i) certain specified research triggers and (ii) the election by Ono to collaborate on the development and commercialization of a proposed product candidate. In October 2021, upon the occurrence of a specified research trigger, Repare became eligible to receive a portion, amounting to ¥100 million ($0.9 million), of the research service payments.
About Repare Therapeutics, Inc.
Repare Therapeutics is a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics. The Company utilizes its genome-wide, CRISPR-enabled SNIPRx® platform to systematically discover and develop highly targeted cancer therapies focused on genomic instability, including DNA damage repair. The Company’s pipeline includes RP-6306, a PKMYT1 inhibitor currently in Phase 1 clinical development; camonsertib (also known as RP-3500), a potential leading ATR inhibitor currently in Phase 1/2 clinical development partnered with Roche; RP-2119, a Polθ inhibitor program in ongoing IND-enabling studies; as well as several additional, undisclosed preclinical programs. For more information, please visit reparerx.com.
SNIPRx® is a registered trademark of Repare Therapeutics Inc.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and securities laws in Canada. All statements in this press release other than statements of historical facts are “forward-looking statements. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding the clinical and preclinical development of the Company’s pipeline and its research and development programs, including the Company’s plans and timing with respect to IND-enabling studies and clinical trials for RP-2119. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause the Company’s clinical development programs, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Many factors may cause differences between current expectations and actual results, including: the impacts of macroeconomic conditions, including the COVID-19 pandemic, the conflict in Ukraine, rising inflation, and uncertain credit and financial markets on the Company’s business, clinical trials and financial position; unexpected safety or efficacy data observed during preclinical studies or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes in expected or existing competition; changes in the regulatory environment; the uncertainties and timing of the regulatory approval process; and unexpected litigation or other disputes. Other factors that may cause the Company’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are identified in the section titled "Risk Factors" in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission (“SEC”) and the Québec Autorité des Marchés Financiers ("AMF") on November 9, 2022, and its other documents subsequently filed with or furnished to the SEC and AMF. The Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law. For more information, please visit reparerx.com and follow Repare on Twitter at @RepareRx and on LinkedIn at https://www.linkedin.com/company/repare-therapeutics/.
