logo
Plus   Neg
Share
Email

Jounce Therapeutics Shares Surge After-hours On Revised Celgene Collaboration

Jounce Therapeutics Inc. (JNCE) said that Celgene has licensed worldwide rights to JTX-8064, a highly-selective, potential first-in-class antibody that targets the LILRB2 receptor on macrophages.

JNCE closed Tuesday's regular trading at $4.09, down $0.08 or 1.92 percent. But, in the after-hours trading, the stock up $1.33 or 32.52 percent.

In an update on its strategic collaboration with Celgene, Jounce said it retains full worldwide rights to its pipeline beyond JTX-8064, including vopratelimab, JTX-4014 and all discovery programs, as Jounce and Celgene have also entered into a mutual agreement to terminate their original strategic collaboration agreement.

As per the terms of the new license agreement for JTX-8064, Jounce receives a $50.0 million non-refundable license fee and is eligible to receive from Celgene up to $480 million in development, regulatory and commercial milestone payments, as well as royalties on potential worldwide sales. Celgene will be responsible for all development and commercialization of JTX-8064.

As a result of the changes to the Celgene strategic collaboration, Jounce now expects to record about $50.0 million in cash revenue in 2019 related to the license of JTX-8064 and approximately $98.0 million in non-cash revenue in 2019 representing the remaining recognition of the upfront payment received in July 2016.

Jounce said it is currently enrolling patients in the Phase 2 EMERGE clinical trial of vopratelimab in combination with ipilimumab in patients with non-small cell lung cancer or urothelial cancer who have progressed on or after PD-1/PD-L1 inhibitor therapies. Jounce expects to report preliminary efficacy data and biomarker relationships to clinical outcomes from EMERGE in 2020.

Jounce is also currently conducting a Phase 1 clinical trial of JTX-4014, its PD-1 inhibitor. This Phase 1 clinical trial is nearing completion, and Jounce remains on track to identify the recommended Phase 2 dose of JTX-4014 in 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Delta Air Lines Inc. said Friday that it will invest $1 billion over the next decade to mitigate all greenhouse gas emissions from its global business, starting March 1, 2020. The company intends to become the first airline in the world to go carbon neutral. The airline said that over the next decade, it will spend $1 billion to drive innovation and advance clean-air travel technologies. Crown Castle International Corp. (REIT) (CCI) is currently gaining over 1% on Friday morning. Early this week, a U.S. District judge ruled in favor of Sprint and T-Mobile's long-pending $26 billion merger deal. The judge dismissed a lawsuit brought by a group of State Attorneys General. The deal is... Online furniture retailer Wayfair Inc. is cutting 550 jobs, or about 3 percent of its workforce, reports on Thursday quoted a company spokesperson as saying. The job cuts will impact about 350 employees at Wayfair's corporate headquarters in Boston. The company has more than 16,000 employees globally. Wayfair's shares tumbled 14 percent in Thursday's trading session following news of the job cuts.
RELATED NEWS
Follow RTT
>