Tiziana (TILS) and Novimmune S.A., a company focused on the discovery and development of antibody-based drugs to benefit patients with inflammatory, auto-immune disorders, and cancer, have announced that they have entered into an agreement under which Novimmune grants Tiziana an exclusive license for the clinical development and commercialisation of foralumab, a fully human antihuman CD3 receptor monoclonal antibody (CD3 mAb).
Tiziana will pay an upfront fee of $1.25 million for the license to Novimmune and will make further payments to Novimmune totalling $750,000 by February 2018. This moves TILS from preclinical to clinical development status, offering a low entry price, but opportunities in big markets.
Tiziana's strategy is to build a clinical portfolio which should create value. We anticipate that moving foralumab into clinical development should support, and hopefully extend, our current forecast valuation range for TILS of £40m-£60m.