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Regeneus Ltd receives milestone payment to cap off quarter

Published: 08:30 06 Jul 2017 AEST

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Progenza is Regeneus’s flagship asset

Regeneus Ltd (ASX:RGS) received its US$1 million milestone payment on June 30, 2017 for meeting the primary endpoints of its Phase 1 safety trial of Progenza in patients with knee osteoarthritis.

Progenza is Regeneus’s flagship asset, and is a patented off-the-shelf stem cell technology developed for the treatment of knee osteoarthritis and other inflammatory conditions.

The safety, tolerability and efficacy of Progenza (STEP) trial also showed significant reduction in knee pain and improvement in cartilage volume.

This milestone payment is part of the terms and conditions of the December 2016 agreement with Asahi Glass (TYO:5201) for the exclusive licence of the rights to manufacture Progenza for all clinical indications in Japan.

The receipt of payment closed a busy and successful June quarter for Regeneus that also featured the granting of a key Japanese patent for Progenza.

The combination of the positive STEP trial results, the patent grant and the manufacturing collaboration with Asahi Glass in Japan places the company in a good position to advance its clinical licensing discussions for Progenza in Japan.


Busy June quarter

During the June quarter representatives of the company attended:

- April: Austrade’s business delegation to Japan;
- April: BioKorea conference in South Korea;
- May: International Society for Cellular Therapies Annual Scientific Meeting in London;
- June: ChinaBio conference in China;
- June: Proactive Investors CEO Sessions in Sydney and Melbourne;
- June: BIO International Conference in San Diego;

More milestone payments to come

The US$1million milestone payment received on June 30 is part of the agreement between Regeneus and Asahi Glass dated 28 December 2016 for the exclusive licence of the rights to manufacture Progenza for all clinical applications in Japan.

Under the licence agreement, Regeneus received US$5.5 million as an upfront payment in January 2017.

There are two further milestones in the agreement totalling US$10 million relating to the development and approval of Progenza in Japan.

Regeneus aims to meet the next milestone in this new financial year.

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