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Surface Oncology Inks SRF813 Licensing Deal With GSK For $85 Mln Upfront - Quick Facts

Surface Oncology Inc. (SURF), a clinical-stage immuno-oncology company, said Thursday it has entered into an agreement for GlaxoSmithKline Plc. (GSK.L,GSK) to exclusively license worldwide development and commercial rights to Surface Oncology's preclinical program SRF813.

SRF813 is a fully human IgG1 antibody targeting PVRIG (also known as CD112R), an inhibitory protein expressed on natural killer cells (NK cells) and T cells. SRF813 is currently in IND-enabling studies with an IND planned for 2021.

Under the terms of the deal, GSK will make an upfront payment of $85 million. In addition, Surface Oncology may receive up to an additional $730 million in future milestone payments and will also be eligible to receive tiered royalties on global net sales.

Following the close of the GSK license agreement, together with current cash and cash equivalents, Surface Oncology projects cash runway sufficient to fund its operations through 2023.

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