Jacobi Pharma Receives $20 Million Milestone Payment from AbbVie Following First Patient Dosing in SHP2 Inhibitor Combination Trials

BEIJING, SHANGHAI and BOSTON, June 18, 2021 /PRNewswire/ -- Jacobio Pharmaceuticals (1167.HK) announced that its investigational SHP2 inhibitor JAB-3312 has completed first-patient dosing in clinical trials evaluating combination therapy with the PD-1 antibody pembrolizumab and the MEK inhibitor binimetinib, respectively. Jacobio will receive a $20 million milestone payment from its partner AbbVie.

The triggered $20 million milestone payment is the first milestone payment under the collaboration since the initial upfront payment. Dr. Wang Yinxiang, Founder, Chairman and CEO of the Company, stated,““Jacobio’s SHP2 inhibitor is the second program globally to receive U.S. FDA approval to enter clinical trials. Since initiating our collaboration with AbbVie, both parties have been working closely to accelerate the global development of this SHP2 inhibitor. The triggering of this milestone payment instills confidence in our subsequent R&D efforts and provides more substantial financial support.”

Jacobio and AbbVie signed a collaboration agreement in May 2020 to jointly develop Jacobio's independently developed small-molecule anti-tumor SHP2 inhibitors (including JAB-3068 and JAB-3312). Jacobio is currently conducting monotherapy and combination therapy trials for the SHP2 inhibitor at more than 30 clinical centers worldwide.

About Jacobio

Jacobio is committed to providing breakthrough therapeutic solutions for patients. The company’s mission is to be an innovator in biomedicine, delivering effective and innovative therapies to patients worldwide. Its vision is to collaborate closely with partners to become a globally recognized leader in drug research and development. The company’s laboratories are located in Beijing and Shanghai, China, and Massachusetts, USA. Its research platform is equipped with technology for developing allosteric inhibitors targeting protein phosphatases, KRAS, and other transcription factors.

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These forward-looking statements are based on the current views, assumptions, expectations, estimates, projections, and understanding of the Company’s management regarding future matters at the time such statements are made. These statements are not guarantees of future developments and are subject to risks, uncertainties, and other factors, some of which are beyond the Company’s control and difficult to predict. Therefore, actual results may differ materially from the information contained in the forward-looking statements due to future changes and developments in our business, competitive environment, and the political, economic, legal, and social conditions in China.

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Contact Person

Media:
Bonnie Wang, media@jacobiopharma.com, +86 010 56315466

Investors:
Juanita Yu, ir@jacobiopharma.com