Sitryx Therapeutics announced that Eli Lilly & Company has exercised its option to progress SIT-011. Lilly will now lead further development and commercialization of the Phase 1 ready immunometabolism-targeting therapy. Under the terms of the exclusive global licensing and research collaboration agreement established by the companies in March 2020, exercise of this option triggers an undisclosed milestone payment to Sitryx and the Company will be eligible to receive additional development, regulatory and commercial milestones in addition to tiered royalties.
Since 2020, the companies have collaborated on the development of programs exploring potentially first-in-class, small molecule immunometabolism-targeting therapies, including SIT-011, a post-translational modification modulator program for chronic autoimmune and inflammatory diseases. A second candidate, SIT-047, a one-carbon metabolism program, continues to be progressed by Sitryx in collaboration with Lilly. Lilly retains its option to exclusively license this second program for future development and commercialization.
Under the terms of the original agreement, Sitryx received an upfront payment of $50 million and Lilly made a $10 million equity investment in the Company, with Sitryx eligible for future development and commercialization milestones and royalty payments from Lilly.
Beyond its collaboration with Lilly, Sitryx is building a broad and differentiated proprietary pipeline by identifying novel targeted approaches based on how changes in metabolism modulate immune cell function. In September 2023 the Company completed a $39 million funding round, supported by world-class healthcare investors, SV Health Investors, Sofinnova Partners, Oxford Science Enterprises (OSE), Longwood Fund, GSK and Lilly. Sitryx is using the proceeds to advance its proprietary pipeline of immunometabolism-targeting therapies into clinical development.
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