British gene and cell therapy company Oxford Biomedica Plc (OXB), said that Sio Gene Therapies has informed that it intends to return the global rights for AXO-Lenti-PD, a gene therapy, and cease its ongoing work on Parkinson's disease using the therapy.
Oxford Biomedica expects that the impact of the Sio's move on revenue will be negligible over at least for the next-two years.
The Oxford-based firm said it "does not plan to invest in the development of this non-core legacy asset and plans to out-license it again in due course to a suitable partner with resource capabilities and funding to further develop this asset."
The move follows the resignation of Sio's CEO Pavan Cheruvu and it also indicated a constraint on resource requirements that has caused the company to reprioritize the program.
All rights shall be returned to Oxford Biomedica at zero cost to the company, the UK-based firm said.
Oxford Biomedica originally out-licensed AXO-Lenti-PD to Sio in 2018. Sio is currently conducting a Phase 2 SUNRISE-PD trial with AXO-Lenti-PD.
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