Full Press Release Details
Sevion Announces Antibody Discovery Collaboration
with Johnson & Johnson Innovation and Janssen
San Diego, CA - December 22,
2014 - Sevion Therapeutics Inc. ("Sevion" or the "Company") (OTCQB: SVON), a biopharmaceutical company which
discovers, develops and acquires next-generation biologics, today announced a collaboration agreement with CNA Development, LLC,
an affiliate of Janssen Pharmaceuticals, Inc. (Janssen) to discover antibodies using Sevion's spatially addressed library
platform. The collaboration facilitated by the Johnson & Johnson Innovation center in California will include discovery of
antibodies against multiple targets in several therapeutic areas. Sevion and Janssen will jointly conduct research on antibodies
discovered by Sevion, and Janssen will have an option to an exclusive license to develop, manufacture, and commercialize candidates
resulting from the collaboration.
Under the terms of the agreement, Sevion
will receive an up-front payment and research support payments for activities conducted in collaboration with Janssen. For candidates
licensed by Janssen, Sevion would be eligible to receive payments upon the achievement of certain development and commercial milestones
potentially totaling up to $125 million as well as low single digit royalties on product sales.
Ronald Martell, CEO of Sevion, noted, "We
are excited to collaborate with Janssen, a recognized leader in antibody development and commercialization. This partnership applies
the Sevion platform for discovering unique antibodies against important therapeutic targets."
Unlike traditional antibody drug discovery
methods, such as display methods or immunization, the Sevion platform enables discovery of antibodies against proteins that cannot
be easily purified in functional form. Sevion's addressed libraries allow screening directly on the cell surface, opening
difficult transmembrane targets to antibody discovery.
Vaughn Smider, Chief Scientific Officer
of Sevion, stated, "We believe our ability to identify antibodies against unpurified targets, particularly multispanning
membrane proteins, and with different affinities and activities, will lead to breakthroughs in treatment for patients with serious
disease. We are excited to work with the Janssen team to discover new and important drug candidates."
About Sevion Therapeutics
Sevion Therapeutics, Inc. is a biopharmaceutical
company building and developing a portfolio of innovative therapeutics, from both internal discovery and acquisition, for the treatment
of cancer and immunological diseases. The Company's product candidates are derived from multiple key proprietary technology
platforms: cell-based arrayed antibody discovery, ultralong antibody scaffolds and Chimerasome nanocages. Sevion has leveraged
these technologies to build a pipeline of innovative product candidates. For more information, please visit SevionTherapeutics.com.
Forward-Looking Statements
Certain statements included in this press
release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results
could differ materially from such statements expressed or implied herein as a result of a variety of factors, including, but not
limited to: the Company's ability to integrate the Fabrus science and operations, including the rebranding of the Company
as Sevion Therapeutics; the Company's ability to continue as a going concern; the ability of the Company to consummate additional
financings; the development of the Company's gene and antibody technology; the approval of the Company's patent applications;
the current uncertainty in the patent landscape surrounding small inhibitory RNA and the Company's ability to successfully
defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful
implementation of the Company's research and development programs and collaborations; the success of the Company's license
agreements; the acceptance by the market of the Company's products; the timing and success of the Company's preliminary
studies, preclinical research and clinical trials; competition and the timing of projects and trends in future operating performance;
and the quotation of the Company's common stock on an over-the-counter securities market, as well as other factors expressed
from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"). As
a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-looking
statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events or circumstances.
Chief Financial Officer
Eliza Schleifstein, Argot Partners