Day One Biopharmaceuticals Expands Pipeline with ADC Targeting PTK7

Day One Biopharmaceuticals (NASDAQ: DAWN) has expanded its pipeline with the potential first-in-class clinical-stage antibody drug conjugate (ADC) targeting PTK7 in solid tumors for adult and pediatric cancers. The company has received exclusive rights to develop, manufacture, and commercialize MTX-13, now known as Day301, worldwide, excluding Greater China, following an exclusive licensing agreement with MabCare Therapeutics.

In April 2024, the U.S. Food and Drug Administration (FDA) cleared the investigational new drug (IND) application for Day301. Pre-clinical studies have shown promising antitumor activity in a wide range of solid tumors. Day One aims to advance this program to its full potential, targeting PTK7, a highly-conserved, catalytically inactive transmembrane protein that is overexpressed in multiple adult and pediatric cancers, including esophageal, ovarian, lung, and endometrial cancer, as well as pediatric cancers such as neuroblastoma, rhabdomyosarcoma, and osteosarcoma.

Under the terms of the licensing agreement, MabCare will receive $55 million upfront and is eligible for up to an additional $1.152 billion in development, regulatory, and commercial success-based milestones, along with low-to-mid single-digit royalties on net sales outside of Greater China.

Day One Biopharmaceuticals is focused on addressing the critical unmet need in pediatric cancer therapeutic development. The company's pipeline includes Tovorafenib (Ojemda™) and Pimasertib. Day One is based in Brisbane, California.

This expansion of the pipeline and the exclusive licensing agreement mark significant developments in Day One Biopharmaceuticals' efforts to advance targeted therapies for people of all ages with life-threatening diseases, particularly in the field of oncology. As a result of these announcements, the company's shares have moved 12.2% on the market, and are now trading at a price of $13.5. For the full picture, make sure to review Day One Biopharmaceuticals's 8-K report.

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