Lpath gets $2 million milestone form Merck KGaA on completing Asonep Ph I study, but rejects opt-in extension

California, USA-based lipidomics-based therapeutics Lpath has announced positive summary results of its dose-escalation Phase I clinical trial of the investigational drug Asonep (sonepcizumab/LT1009) in cancer patients with a wide variety of solid tumors.

Study results included demonstration that lymphocyte counts in the vascular space were reduced in a dose-related fashion. As such, Lpath achieved an objective established by the drug's licensee, German major Merck KGaA, and received a $2 million payment according to the terms of Lpath's license agreement with the latter.

Separately, Lpath said that Merck has proposed moving forward with the partnership via an extension of the opt-in deadline, which had been set for June 27, 2010, but has rejected this as not being in the best interest of Lpath or its stockholders. Consequently, on March 25, 2010, Merck KGaA notified Lpath of its decision to terminate the agreement, effective April 24, and will relinquish all rights to the ASONEP program.