Thinly traded micro cap XBiotech (XBIT +1.4%) is up modestly out of the gate this morning in reaction to its announcement that its R&D team has engineered a cell-based production system for the first of its new anti-IL-1⍺ antibodies for use in all areas of medicine except dermatology. It plans to advance the candidate into the clinic next year.
The new antibody will replace a previous generation True Human anti-IL-1⍺ antibody, bermekimab, that was sold in 2019 for $750 million in cash and up to $600 million in milestones to Johnson & Johnson (NYSE:JNJ) unit Janssen Biotech.
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