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6-K
AC IMMUNE SA filed this Form 6-K on 08/09/2017
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3.Revenues

 

AC Immune generated revenues of CHF 0.8 and CHF 2.8 million in the three and six months ended June 30, 2017, respectively.

 

   For the Three Months
Ended June 30,
  For the Six Months
Ended June 30,
   2017  2016  2017  2016
in CHF thousands            
Collaboration and license revenue    753    19,964    2,759    20,451 
Total revenues    753    19,964    2,759    20,451 

 

 

3.1.Licensing and collaboration agreements

 

3.1.1 Research collaboration and license revenue

 

Alpha-synuclein and TDP-43 PET Imaging Tracers - Collaboration with Biogen

 

In April 2016 as part of our non-exclusive research collaboration agreement with Biogen International GmbH (“Biogen”), we received CHF 1.5 million for a technology access fee, which was deferred and recognized over a 12-month period. As of June 30, 2017, we have recognized all revenues associated with this access fee.

 

In April 2017, we began the second year of our Collaboration. For the three and six months ended June 30, 2017, we have recognized CHF 861 thousand and CHF 1.3 million for research contribution and collaboration services, respectively.

 

Tau-PET imaging agent in AD – Collaboration agreement of 2014 with Piramal Imaging

 

In March 2017, we invoiced Piramal for a EUR 1 million (CHF 1.1 million) milestone related to the initiation of “Part B” of the first-in-man Phase 1 clinical trial for PSP (Progressive Supranuclear Palsy). As we met all performance obligations on reaching the milestone, we have recognized this income as revenue in the first quarter of fiscal 2017.

 

We are also entitled to further clinical milestones totaling EUR 6 million should the compound make it through to Phase 3 clinical studies and are further entitled to potential regulatory, commercialization and sales based milestones totaling EUR 150 million.

 

Recombinant protein therapeutic candidate – Collaboration with Essex Bio-Technology Limited

 

On May 19, 2017, we entered into a Research Project Agreement with Essex Bio-Technology Limited (“Essex”) to develop a recombinant protein therapeutic candidate acting on a unique neuroprotective mechanism for treatment of neurological diseases, such as Alzheimer’s disease and frontotemporal dementia. Essex will provide joint research commitment as well as financial support to AC Immune for the pre-IND development of the biological agent.

 

As part of this agreement, the Companies have agreed to an initial two year Research Plan, which intends to develop a basic Fibroblast Growth Factor (“bFGF”) as a therapeutic for the treatment of neurogenerative diseases and to generate of novel antibody therapeutics.

 

Under the terms of the agreement, Essex will provide support to AC Immune until the selection of a collaboration product by the Joint Steering Committee, up to a maximum of CHF 750 thousand per year. The Company did not perform collaboration work in Q2 2017 and as such did not recognize revenues.

 

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© AC Immune 2015