Benzinga | Aug 3, 2020 08:08AM EDT

TriSalus Life Sciences Acquires Dynavax's SD-101 Oncology Program In Purchase Agreement For Up To $250M In Milestone Payments Plus Royalties On Future Net Sales

* SD-101 is a proprietary investigational, second-generation, Toll-like receptor 9 (TLR9) agonist CpG-C class oligodeoxynucleotide

* TriSalus plans to further develop SD-101 as an oncology therapeutic

WESTMINSTER, Colo. and EMERYVILLE, Calif., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Dynavax Technologies Corporation (NASDAQ:DVAX), a biopharmaceutical company focused on developing and commercializing novel vaccines, and TriSalus Life Sciences (TriSalus), an emerging immuno-oncology company committed to transforming outcomes for liver and pancreatic tumors, today announced that they have entered into an asset purchase agreement under which TriSalus has purchased SD-101, a proprietary investigational, second-generation, Toll-like receptor 9 (TLR9) agonist CpG-C class oligodeoxynucleotide, which has been studied in advanced cutaneous melanoma, and is currently in clinical trials for high risk Stage II/III breast cancer. Purchased assets include SD-101-related Intellectual Property, clinical data, regulatory filings, and inventory.

"We are excited to take on development of SD-101, which expands our integrated therapeutic and drug delivery portfolio," said Mary Szela, President and CEO of TriSalus. "Promising clinical study data with this investigational agent has been shown as an important component of combination immuno-therapy for the treatment of advanced cutaneous melanoma. We believe by integrating our novel delivery technology with SD-101, our company will have the potential to improve outcomes in liver and pancreas tumor patients that presently have few viable options."

"We are pleased TriSalus will be driving the future development of SD-101 to ensure it reaches its full potential and ultimately benefit patients," saidRyan Spencer, Chief Executive Officer of Dynavax. "We will continue to focus our resources and efforts to drive value through the advancement of our vaccine business."

Under the terms of the agreement, TriSalus will pay Dynavax $5 million upfront, an additional cash payment of $4 million on December 30, 2020, for reimbursement of research and development expenses, up to an additional $250 million upon the achievement of certain development, regulatory, and commercial milestones, and low double-digit royalties based on potential future net sales.