Media Coverage

Nexvet signs Pfizer antibody deal, net loss narrows


Feb 10, 2017 - Animal Pharm

By Joseph Harvey
Animal Pharm
February 10, 2017

Nexvet Biopharma has entered into a license agreement with Pfizer relating to anti-nerve growth factor (NGF) antibodies.

Under the terms of the deal, Nexvet has received a non-exclusive license to certain patents in the Pfizer portfolio for anti-NGF antibodies.

Dublin, Ireland-headquartered Nexvet will pay Pfizer a $1 million upfront license fee and may pay additional amounts based on regulatory and sales milestones. The firm may also pay Pfizer "a low, single-digit royalty based on net sales of the company's anti-NGF product candidates for the life of the relevant patents".

Ranevetmab is Nexvet's PETized monoclonal antibody designed to inhibit the activity of canine NGF. The company is developing ranevetmab as a treatment to control pain associated with canine osteoarthritis.

This is not the first time Nexvet has struck a deal with a big player in the human health sector. In November 2016, the firm entered into a research collaboration with Genentech. This deal involves use of the Company’s PETization platform.  The two partners will conduct a proof-of-concept study, which will be funded by Genentech.

Q2 shows smaller net loss

Nexvet has reported a slightly smaller net loss in its second fiscal quarter of 2017

For the three months ended December 31, 2016, the firm recorded a net loss of $5.4m, compared to $5.7m loss in the same period of 2015. The latest net loss included operating expenses of $5.2m, including $3.8m in R&D costs and $1.4m in general expenditure.

Over the six-month period, Nexvet witnessed a net loss of $10.5m. This was greater than the $9.7m loss in the first six months of fiscal 2016. While the company recorded smaller R&D and general costs, it suffered from an exchange loss of $1m.

"This was an important period of progress for the company as we initiated pivotal clinical studies for frunevetmab, continued to advance our chemistry, manufacturing and controls activities, and entered into a collaboration with Genentech, our first such agreement with a dedicated human biotech company utilizing our PETization platform," said Mark Heffernan, chief executive of Nexvet.

Reprinted with permission of Animal Pharm News 

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