Under the terms of this license agreement and a related subscription agreement, Specialised Therapeutics Investments Pty LTD ATF The Specialised Therapeutics Unit Trust (STA Trust), an entity controlled by STA, has undertaken to subscribe 444,400 new common stock of PharmaMar, representing 0,2% of PharmaMar´s share capital, at a subscription price per share of €4.75, equal to a 30% premium over the volume weighted average market price of the shares of PharmaMar on the Spanish Stock Exchanges during the 20 trading days prior to the signing of the licence agreement. Therefore, the total subscription amount (nominal value and share premium) of the share capital increase of PharmaMar will be €2,110,900, corresponding €22,220 to nominal amount and €2,088,680 to share premium. STA Trust has agreed to a 2 years lock-up in respect of 50% of the shares and to a 4 years lock-up in respect of the remaining 50% of the shares.
In addition, PharmaMar will receive an upfront payment followed by remunerations upon achieving regulatory and sales milestones with lurbinectedin. PharmaMar will retain exclusive production rights and will supply the Finished Dosage Form to STA.
Lurbinectedin (PM1183), the third anti-tumour compound to be developed by PharmaMar from a marine organism, is currently undergoing development for the treatment of solid tumours. This promising agent is currently in final stage (Phase 3) trials as a potential new therapy for various solid tumours, including platinum-resistant ovarian cancer and small cell lung cancer. In addition, it is in Phase 2 trial for BRCA1 and BRCA2 associated metastatic breast cancer.
José María Fernández Sousa-Faro, Chairman of PharmaMar, commented, "we are about to address our second strategic alliance with STA for the commercialization of a marine-based cancer drug. Lurbinectedin has shown antitumoral activity in several solid tumors. We shall continue with the clinical development of the molecule and to advance in the upcoming regulatory steps to obtain its approval in the years to come".
Carlo Montagner, CEO of Specialised Therapeutics Asia, said this new licensing deal cemented the company's existing strong relationship with PharmaMar and demonstrated high confidence in the partner company's development pipeline. "We have the highest regard for PharmaMar and are pleased to partner once again, pursuing development of this highly promising oncology compound", he said. "We eagerly await data from these final stage studies and look forward to making new therapies like this available to patients throughout our regions who are affected by difficult to treat cancers".