CALGARY, Alberta, Jan. 07, 2020 (GLOBE NEWSWIRE) -- Zenith Epigenetics Ltd. (“Zenith” or the “Company”) announced receipt of a US$5 million milestone payment, less applicable taxes, from Newsoara BioPharma Co., Ltd. (“Newsoara”) related to a previously announced licensing agreement for the Company’s lead compound, ZEN-3694, in China, Hong Kong, Taiwan, and Macau. ZEN-3694 is being developed for epigenetic combination therapies in oncology for multiple indications.
The payment was made upon successful completion of Zenith’s Phase 2 prostate cancer clinical study, results of which are expected to be presented at future conferences and in future publications.
“This elective and significant milestone payment reinforces the strength of our clinical program to date,” said Donald McCaffrey, Chief Executive Officer of Zenith. “Newsoara continues to be a great supporter of our work and will be instrumental in introducing ZEN-3694 to the China oncology market. In the meantime, and in addition to our collaboration with Pfizer, we continue to expand and advance our ZEN-3694 clinical program towards approval and registration in multiple indications.”
The licensing agreement between Zenith and Newsoara entitles the Company to receive additional milestone payments related to ZEN-3694 clinical development and regulatory approvals, and sales-based milestones.
Zenith Capital Corp. is a biotechnology investment company originally spun out of Resverlogix Corp. (TSX: RVX) in 2013. Zenith Epigenetics Ltd., a wholly-owned subsidiary of Zenith Capital Corp., is a clinical stage biotechnology company focused on the discovery and development of novel therapeutics for the treatment of cancer and other disorders with significant unmet medical need. Zenith Epigenetics is developing various novel combinations of BET inhibitors with other targeted agents. The lead compound, ZEN-3694, is in clinical development for metastatic Castration Resistant Prostate Cancer (“mCRPC”) and Triple Negative Breast Cancer.
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This news release may contain certain forward-looking information as defined under applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward looking information relating to the Company’s mCRPC clinical data being presented at future conferences and in future publications, the advancement of ZEN-3694 towards regulatory approval and registration in multiple indications, the ability of Newsoara to introduce ZEN-3694 to the China oncology market and the therapeutic potential of ZEN-3694 in combination with standard of care therapies used in oncology. Our actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. We can give no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in our most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. Zenith disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.