18 February 2021 - - US-based antagonist antibodies developer Boston Immune Technologies and Therapeutics, Inc and China-based biotechnology company BeiGene, Ltd. (NASDAQ: BGNE) (HKEX: 06160) have entered into an option and license agreement aimed at developing and commercializing BITT's innovative tumor necrosis factor receptor 2 (TNFR2) antagonist antibodies, the principals said.

BeiGene has secured an option to an exclusive license to develop, manufacture, and commercialize BITT's proprietary TNFR2 antagonist antibodies in Asia (excluding Japan), Australia, and New Zealand.

The companies plan to conduct Phase 1 clinical trials of BITR2101, BITT's lead TNFR2 antagonist antibody, including planned combination studies with tislelizumab, BeiGene's anti-PD-1 antibody.

TNFR2 is a member of the TNF receptor superfamily that is selectively expressed on many tumor types as a surface oncogene and has been shown to proliferate tumor cell growth.

TNFR2 is also expressed on suppressive immune cells in the tumor microenvironment, including regulatory T cells (Tregs) and myeloid-derived suppressor cells, and has been identified as a potential driver of immune escape and tumor development as well as resistance to checkpoint blockade.

Under the terms of the agreement, BITT will receive an upfront payment and potential near-term milestone payments totaling USD 16.6m, inclusive of BeiGene's exercise of the option to license following initial proof-of-concept studies.

Additionally, following BeiGene's exercise of the option, BITT is eligible to receive development, regulatory, and sales milestones up to USD 105m, together with tiered royalties on any product sales in the licensed territory.

In connection with the exclusive option and license agreement, BeiGene also invested USD4 m in BITT's series A preferred stock financing.

Boston Immune Technologies and Therapeutics is a Boston, MA based company developing a novel class of antagonist antibodies targeting the TNF superfamily receptors for applications in oncology, inflammation, autoimmunity, and infectious disease.

BITT is initiating clinical trials for BITR2101, its lead candidate, a monoclonal antibody that targets tumor necrosis factor receptor 2 (TNFR2).

BITT is also developing additional TNF superfamily antibodies including CD40 antagonists for inflammation and CD30 antagonists for oncology.

BeiGene is a global, commercial-stage biotechnology company focused on discovering, developing, manufacturing, and commercializing innovative medicines to improve treatment outcomes and access for patients worldwide.