Roquefort Therapeutics PLC on Monday said that it has signed an exclusive licence and royalty agreement with a diagnostics company, Randox Laboratories Ltd, in relation to its Midkine antibody portfolio.

Roquefort is a London-based biotech company, developing first-in-class drugs in the oncology segment prior to partnering or selling to larger pharmaceutical firms. Midkine is a heparin-binding protein which is highly expressed in cancer, prevents tumour cell death and promotes metastatic spread and resistance to treatment.

Under the terms of the agreement, Roquefort has granted an exclusive worldwide licence - excluding Japan - to utilise its Midkine antibodies in the field of medical diagnostics for up to ten years. Both companies will also engage in collaborative research programs to identify new cancer diagnostics that can be treated with Midkine therapeutics.

The commercial terms of the agreement are confidential. However, Roquefort estimated that the total overall transaction value to the company over the life of the agreement is in excess of £5 million.

‘This is highly complementary and synergistic partnership with the UK’s leading diagnostics company, Randox which enables Roquefort Therapeutics to remain focused on developing first-in-class medicines, while Randox develops the Midkine cancer diagnostics that are essential for our clinical trials. Not only does the transaction highlight our robust IP position and strengthen our balance sheet it also reflects the high level of interest in our novel cancer pipeline and highlights the Company’s rapid translation and deal-making capabilities,’ said Chief Executive Officer Ajan Reginald.

Roquefort shares were trading 0.4% higher at 6.78 pence each in London on Monday afternoon.

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