Janux Therapeutics, Inc. (NASDAQ:JANX) has received a $35 million milestone payment from Bristol Myers Squibb (NYSE:BMY) after the partners identified a development candidate under their ongoing collaboration, the company announced in a statement.
The milestone was triggered by the nomination of a tumor-activated therapeutic discovered using Janux’s TRACTr platform. The candidate is designed to target an undisclosed solid tumor antigen that is present across multiple types of human cancers.
Under the terms of the partnership, Janux will be responsible for preclinical development through the submission of an Investigational New Drug (IND) application. Bristol Myers Squibb will then take ownership of the IND and oversee clinical development and global commercialization efforts. Janux will continue to assist Bristol Myers Squibb through the completion of the first Phase 1 clinical trial.
“This milestone underscores the strength of our approach to generating value through both internal innovation and strategic partnerships,” said David Campbell, President and Chief Executive Officer of Janux.
The San Diego-based clinical-stage biopharmaceutical company remains eligible for additional development, regulatory and commercial milestone payments, along with tiered royalties on worldwide product sales tied to the collaboration.
Janux focuses on developing immunotherapies through its proprietary platforms, including Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM).
The company’s pipeline includes JANX007, which targets prostate-specific membrane antigen and is currently in a Phase 1 trial for metastatic castration-resistant prostate cancer; JANX008, targeting epidermal growth factor receptor in Phase 1 studies for solid tumors; and JANX011, being evaluated in Phase 1 trials for autoimmune diseases.