Novartis Enters Option Agreement with Iconic Therapeutics to Advance Ophthalmology Drug Candidate ICON-4

On August 23, 2019, VCBeat (WeChat ID: vcbeat) learned via Business Wire that private biopharmaceutical company Iconic Therapeutics (“Iconic”) announced it had entered into an option agreement with Novartis for an ophthalmology drug development program. Specific financial terms of the transaction were not disclosed.

Option AgreementThe purpose of the Option Agreement is to help the prospective licensee gain a more comprehensive and in-depth understanding of the proprietary technology underlying product development, thereby facilitating informed decision-making on technology licensing, while simultaneously safeguarding the interests of the proprietary technology owner. Upon execution of the agreement, Novartis may acquire ICON-4, an ophthalmic drug candidate currently under development by Iconic Therapeutics. Novartis has already made an upfront payment and will make an equity investment in Iconic Therapeutics.

ICON-4 is a monoclonal antibody against human tissue factor, primarily used for the treatment of age-related macular degeneration (AMD). Iconic Therapeutics planned to initiate clinical trials for this drug in 2020.

Iconic Therapeutics, founded in 2002 and headquartered in Georgia, USA, is a clinical-stage biotechnology and pharmaceutical company. The company primarily develops innovative therapies based on tissue factor (TF) biology to provide treatment options for patients with cancer and severe retinal diseases. Tissue factor is a transmembrane single-chain glycoprotein composed of amino acid residues, playing a key role in inflammation and pathological angiogenesis. Iconic has achieved the technology to safely target tissue factor for the treatment of related diseases.

Iconic’s novel recombinant protein, hI-con1, holds an exclusive patent license granted by Yale University. hI-con1 binds to tissue factor, activates natural killer cells, and selectively destroys pathological neovascularization. Furthermore, hI-con1 blocks the positive feedback loop between tissue factor and vascular endothelial growth factor (VEGF), thereby reducing VEGF levels.

Novartis, founded in 1996 and headquartered in Basel, Switzerland, is a global leader in healthcare. The company’s strategic objective is to break medical paradigms by establishing a data science-driven advanced therapy platform and implementing early interventions for chronic diseases to improve patients’ quality of life. Novartis is spearheading a digital revolution, aiming to enhance product development efficiency and drive innovative growth in the pharmaceutical industry through artificial intelligence and digital technologies.

Novartis employs tens of thousands of people, with its pharmaceutical exports reaching 155 countries worldwide. The company’s Innovative Medicines division comprises Novartis Pharmaceuticals and Novartis Oncology, primarily responsible for the research, development, and commercialization of patented drugs. Additionally, Novartis owns Sandoz, its generics division and a leader in the biosimilars industry, providing high-quality medications to patients globally.

Dr. William Greene, CEO of Iconic Therapeutics, stated, “Targeting tissue factor represents a novel therapeutic approach for conditions such as retinal diseases and cancer, and we are pursuing new avenues to advance this technology. Although current therapies for age-related macular degeneration (AMD) can improve patients’ vision, they do not halt disease progression. We believe that inhibiting the overexpression of tissue factor associated with macular degeneration will help enhance treatment outcomes for AMD patients and prevent disease worsening.”

(Compiled by Xu Xiaoxue)