Eleven Biotherapeutics Enters Exclusive License Agreement with Leading Global Healthcare Company

Destiny A. Lopez  |

Eleven Biotherapeutics (EBIO) continues to make significant progress in the biopharmaceutical sector with its latest development. Up +44.03%, the company, along with F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc., has entered into an exclusive license agreement where, according to its official website, Eleven Biotherapeutics has agreed to grant an exclusive, worldwide license to Roche to develop and commercialize EBI-031, a humanized monoclonal antibody currently being developed for the potential treatment of ocular diseases.

"We were excited to announce the submission of an IND for EBI-031 earlier today," said Abbie Celniker, Ph.D., President and CEO of Eleven Biotherapeutics. "We are pleased to see Roche poised to further develop this potent IL-6 blocker for the potential benefit of patients. As previously announced, we also continue to evaluate additional strategic alternatives with a goal to maximize shareholder value."

The agreement grants exclusive, worldwide license to Roche regarding all other IL-6 antagonist antibody technology owned by Eleven. Furthermore, per the agreement, Eleven is entitled to an upfront payment of $7.5 million, along with potential future milestone payments of up to $262.5 million.

Headquartered in Cambridge, Massachusetts, Eleven Biotherapeutics is focused on the development of innovative ocular therapeutics using its proprietary protein engineering platform, AMP-Rx, to treat various eye diseases.

Also announced today, the company has submitted an Investigational New Drug application to the FDA in order to initiate a Phase 1 clinical trial of its lead drug candidate, EBI-031, which was designed and engineered for intravitreal delivery using the company’s AMP-Rx platform. "We are pleased to have this IND under review by the FDA," said Celniker. "We look forward to providing additional details on the development of EBI-031 as a potential treatment for diseases of the eye, such as diabetic macular edema and uveitis, as they become available."

Eleven Biotherapeutics is one of a number of companies innovating the biopharmaceutical space. With a recently penned exclusive license agreement and recently submitted IND application, the investment community looks forward to further developments from the company.

To learn more about Eleven Biotherapeutics, visit www.elevenbio.com.

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