- AstraZeneca has begun the phase 1 clinical trial for a cancer treatment drug
- Roughly $4.29 million will be paid to StarPharma (SPL) as a result of the trial
- The drug comes under a multi-product license for AstraZeneca to develop treatments using StarPharma's DEP drug delivery technology
- StarPharma shares are trading 1.26 per cent higher today, currently priced at $1.21
AstraZeneca has commenced the phase 1 clinical trial of AZD0466, triggering a milestone payment to StarPharma (SPL).
The trial will include patients with various forms of cancers at four or five sites across the U.S.
AZD0466 acts on both solid and haematological tumours (blood cancers) by targeting oncology targets Bcl2 and Bcl/xL.
It is one of several products being developed by AstraZeneca under a multi-product licence using StarPharma's DEP drug delivery technology.
Under the 2015 agreement, AstraZeneca fully funds the development and commercialisation of AstraZeneca DEP products.
StarPharma will receive milestone payments up to nearly $177.5 million (US$124 million) for development, launch and sales milestones, in addition to tiered royalties on net sales.
Starpharma CEO Dr Jackie Fairley said the company is pleased AZD0466 has now entered clinical trials.
“It is really exciting to achieve this important milestone both for our collaboration with AstraZeneca and for Starpharma’s DEP® platform."
"This is our first partnered DEP® product to enter the clinic, alongside our three internal DEP® products; DEP® docetaxel, DEP® cabazitaxel and DEP® irinotecan," she said.
StarPharma shares are trading 1.26 per cent higher today, worth $1.21 at 11:06 am AEDT.