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Orexo receives USD 2.5 million milestone payment

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Orexo announces that the OX-CLI project has advanced into clinical phase I triggering a milestone payment of USD 2.5 million´(approx. SEK 23 million) from AstraZeneca.

OX-CLI is a Leukotriene (LT) C4 Synthase inhibitor program directed to develop a novel treatment of respiratory disorders such as asthma and COPD. AstraZeneca acquired the compound from Orexo in March, 2016 and is fully responsible for its development. Additional future milestone payments are expected when OX-CLI meets defined development and commercial objectives. In addition to the milestones, Orexo will receive a tiered single digit royalty on future net-revenue associated to sales of products based on this project.

“I am very pleased with the progress in the OX-CLI project and the efforts from AstraZeneca to advance this important project. OX-CLI has the potential to improve the treatment of asthma and COPD to the benefit for many patients suffering from these chronic respiratory diseases. The progress of OX-CLI further enhances the breadth and value potential in our pipeline. With this announcement Orexo now has one product submitted for approval in Europe, two projects in clinical phase and additionally three projects in pre-clinical phase,” says Nikolaj Sørensen, President and CEO of Orexo AB.

“Pushing the boundaries of science to transform disease management by addressing underlying disease drivers and improve asthma patient outcomes is central to AstraZeneca’s respiratory strategy. AZD9898 could enable us to offer a new personalised treatment for patients whose condition is driven by the dysregulation of leukotrienes,” said Marcus Schindler, Vice President of AstraZeneca’s Respiratory, Inflammation and Autoimmunity Innovative Medicines Unit.

This milestone does not change Orexo´s 2017 financial guidance provided previously.