Am­gen of­fers cash and mile­stones for Proven­tion to take the lead on a celi­ac drug; Aveo's PhI­II fails to im­press, shares slide

→ Lit­tle Proven­tion Bio has struck a deal to con­tin­ue the de­vel­op­ment work on Am­gen’s celi­ac drug, AMG 714. In ex­change for tak­ing over the mid-stage work, along with mem­bers of the Am­gen team, the big biotech will pay Proven­tion $20 mil­lion in an up­com­ing fi­nanc­ing while of­fer­ing a $150 mil­lion mile­stone on the Phase IIb. “Da­ta pre­sent­ed at Di­ges­tive Dis­ease Week 2018 from two Phase 2a clin­i­cal tri­als of AMG 714 demon­strat­ed the drug’s po­ten­tial in celi­ac dis­ease and re­frac­to­ry celi­ac dis­ease type II (RCD-II), an in situ gas­troin­testi­nal T cell lym­phoma, and con­firmed that IL-15 plays a cen­tral role in non-re­spon­sive celi­ac dis­ease and RCD-II,” said Fran­cis­co Leon, co-founder and chief sci­en­tif­ic of­fi­cer of Proven­tion.

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