Healthcare Industry News: BioArctic
News Release - April 20, 2022
AbbVie terminates collaboration with BioArctic on alpha-synuclein portfolioSTOCKHOLM, April 20, 2022 -- (Healthcare Sales & Marketing Network) -- BioArctic AB (publ) (Nasdaq Stockholm: BIOA B) has announced that the company's partner AbbVie has decided to terminate its collaboration with BioArctic regarding the portfolio of alpha-synuclein antibodies, including ABBV-0805.
"We are disappointed that AbbVie has taken this decision. All available data indicates that ABBV-0805 has uniquely high selectivity for the pathological forms of aggregated alpha-synuclein, as well as Phase 1 data supporting progression to Phase 2. We believe that ABBV-0805 has the potential to become a disease-modifying treatment for people with Parkinson's disease and will now investigate options to continue the development of this asset," says Gunilla Osswald, BioArctic's CEO.
This release discusses investigational uses of an agent in development and is not intended to convey conclusions about efficacy or safety. There is no guarantee that any investigational uses of such product will successfully complete clinical development or gain health authority approval.
For further information, please contact:
Gunilla Osswald, CEO
Phone: +46 8 695 69 30
Oskar Bosson, VP Communications and IR
Phone: +46 70 410 71 80
This information is information that BioArctic AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact persons above, on April 20, 2022, at 07:50 a.m. CET.
ABBV-0805 is a monoclonal antibody drug candidate that is designed to selectively bind and eliminate aggregated forms of alpha-synuclein such as oligomers and protofibrils, which participates in neurodegenerative maladies including Parkinson's disease. The goal is to develop a disease modifying treatment that stops or slows down the progression of Parkinson's disease.
About the collaboration between BioArctic and AbbVie
BioArctic has been collaborating with AbbVie since 2016, when the two companies entered into a research agreement. AbbVie then obtained the right to acquire a license to develop and commercialize BioArctic's portfolio of alpha-synuclein antibodies for Parkinson's disease and other potential indications. In late 2018, AbbVie exercised this option. In 2019, a Phase 1 study of ABBV-0805 was initiated. Results from the study, presented in September 2021, support a continuation into Phase 2. AbbVie has been managing and funding the clinical development of ABBV-0805. The scope of the drug candidate ABBV-0805 may be broadened to include, for example, Lewy body dementia and multiple system atrophy.
About BioArctic AB
BioArctic AB (publ) is a Swedish research-based biopharma company focusing on disease-modifying treatments and reliable biomarkers and diagnostics for neurodegenerative diseases, such as Alzheimer's disease and Parkinson's disease. BioArctic focuses on innovative treatments in areas with high unmet medical needs. The company was founded in 2003 based on innovative research from Uppsala University, Sweden. Collaborations with universities are of great importance to the company together with its strategically important global partner Eisai in Alzheimer disease. The project portfolio is a combination of fully funded projects run in partnership with global pharmaceutical companies and innovative in-house projects with significant market and out-licensing potential. BioArctic's Class B share is listed on Nasdaq Stockholm Mid Cap (ticker: BIOA B). For more information about BioArctic, please visit www.bioarctic.com.
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