WILEX AG opts for further payment under the licence agreement with Prometheus
Ad-hoc release pursuant to § 15 Wertpapierhandelsgesetz
(German Securities Trading Act)
Munich, Germany, 6 July 2012. The Executive Management Board of WILEX AG (ISIN DE0006614720/WL6/FSE) today resolved with the approval of the Supervisory Board to opt for a further cash payment according to the licence agreement with Prometheus Laboratories Inc. (Prometheus), San Diego, CA, USA, for the out-licensing of the marketing rights to RENCAREX® (Girentuximab) in the United States.
WILEX and Prometheus agreed on an immediate payment of USD 17.5 million. Additionally, the milestone payment due upon regulatory submission of RENCAREX® increases by USD 2.5 million and substitutes a later milestone for the same amount.
The parties mutually terminated the negotiations for the commercial rights to an undisclosed product in Europe. However, it was agreed that Prometheus will make an introduction between WILEX and the owner of the product rights at WILEX’ request.
Under the terms of the licence agreement with Prometheus, WILEX received USD 19 million in May 2011 upon signing. In addition, WILEX had the option either to be paid USD 15.0 million six months or USD 20.0 million twelve months after contract signing, or to be granted the commercial rights to an undisclosed product in Europe. Furthermore, WILEX is entitled to milestone payments and royalties on net sales of RENCAREX® in the USA, and Prometheus will continue to co-fund the development of RENCAREX®.
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About WILEX AG
WILEX AG is a biopharmaceutical company based in Munich, Germany. Focused on oncology, the Company has a broad portfolio of diagnostic and therapeutic products for the specific detection and targeted treatment of various types of cancer. WILEX’s therapeutic product candidates are based on antibodies (RENCAREX® in Phase III) and small molecules (MESUPRON® in Phase II, WX-554 in Phase Ib/II and WX-037 in preclinical development). In the field of diagnostics, REDECTANE® is an antibody-based, imaging in vivo diagnostic agent that is currently in a Phase III programme. WILEX’s US subsidiary WILEX Inc. in Cambridge, MA, markets a portfolio of research use only tests and in vitro diagnostic agents under the brand Oncogene Science, which are used as companion diagnostics for clinical trials and therapy monitoring. The wholly owned subsidiary Heidelberg Pharma GmbH offers an attractive and highly promising antibody drug conjugate technology platform and preclinical contract research services. The business model of WILEX comprises research, technology, product development and commercialisation. WILEX’s customers and partners include leading international pharmaceutical companies.
ISIN DE0006614720 / WKN 661472 / Symbol WL6
Katja Arnold (CIRO)
81675 Munich; Germany
Tel.: +49 (0)89-41 31 38-126
Fax: +49 (0)89-41 31 38-99
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