Selecta BioSciences Inc (NASDAQ: SELB) was one of the top gainers in Thursday’s trading session, and closed the day with gains of 45.21%. This came after the company announced that, it had entered into a license agreement with Asklepios Biopharmaceutical. Under this licensing agreement, AskBio agreed to exercise its option to exclusive license rights to develop and sell Selecta’s immune tolerance platform, ImmTOR. This will be used in adeno-associated virus therapy for treating Pompe disease. Selecta’s ImmTOR, when used together with adeno-associated gene therapy vectors, has been shown to inhibit the immune response of vectors.
The two companies first announced their collaboration in August 2019. At the time, they agreed that, they would handle joint development, manufacture, and sale of therapeutics for the next generation of AAV gene therapies. Under the deal, Selecta is eligible to receive milestone payments of $240 million and royalties in product sales. These payments are to be received upfront.
Commenting on the latest move by AskBio, Selecta CEO, Carsten Brunn, Ph. D stated that, they were happy that AskBio was joining them in advancing the immTOR platform for treating Pompe disease, a debilitating disease that progresses over time. He added that, the collaboration with AskBio will potentially help in the retreatment of AAV gene therapies.
Sheila Mikhail, the CEO of AskBio stated that, there is an unmet medical need in the treatment of Pompe disease. This, she said, they can effectively advance its treatment through collaboration with Selecta. Sheila further stated that, the opportunity to treat this disease holds lots of promise, and that they were happy to leverage their relationship with Selecta in overcoming challenges to do with the administration of AAV gene therapies.
Looking at its price action, the stock opened the day at $1.50 and traded between $1.50 and $2.18 before closing the day at $2.12. Volumes in the day stood at 8.26 million.
About Selecta Biosciences Inc
Selecta Biosciences Inc is a Biopharma Company that researches and makes immunomodulatory drugs. The company is headquartered in Watertown, Massachusetts.