LOS ANGELES, Jan. 6, 2014 (GLOBE NEWSWIRE) — Capricor Therapeutics, Inc. (OTCBB:CAPR) today announced that it has executed a collaboration agreement and exclusive license option with Janssen Biotech, Inc. (Janssen). Under the terms of the agreement, Capricor and Janssen agreed to collaborate on the development of Capricor’s cell therapy program for cardiovascular applications, including its lead product, CAP-1002. CAP-1002 is an allogeneic cardiosphere-derived cell (CDC) therapeutic under evaluation in patients who have suffered a large myocardial infarction. Pursuant to the agreement, Capricor and Janssen will collaborate on elements of cell manufacturing development. Capricor will contribute to the costs of the manufacturing collaboration, and will receive an upfront payment of $12.5 million from Janssen.
Under the terms of the agreement, Janssen has the right to enter into an exclusive license agreement for CAP-1002 at any time until sixty days following delivery by Capricor of the six-month follow-up results from Phase II of Capricor’s ALLSTAR clinical trial for CAP-1002. If Janssen exercises its option rights, Capricor will be eligible to receive up to $325 million in additional payments. In addition, a royalty would be paid on commercial sales of CAP-1002.
“This collaboration with Janssen, one of the world’s largest and most respected healthcare companies with a strong presence in cardiovascular and metabolism, is a tremendous milestone for Capricor Therapeutics and an important validation of our lead product, CAP-1002, and the underlying science. We are proud to be working with Janssen to support the continued development of CAP-1002 and for the additional non-dilutive capital to further our research and development that will add to our pipeline,” said Capricor CEO, Dr. Linda Marbán.
CONTACT: Capricor Therapeutics, Inc. AJ Bergmann, +1-310-358-3200 Investor Relations [email protected]