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NEEDHAM, Mass. & PHILADELPHIA–(BUSINESS WIRE)–June 18, 2015–

Tyrogenex, a leader in the development of novel kinase inhibitors to target angiogenesis, and Xcovery, a developer of next-generation targeted therapeutics for cancer, today announced the opening of a new office in Needham, Mass., in partnership with the Massachusetts Life Sciences Center (MLSC) during the Biotechnology Industry Organization’s BIO International convention.

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Michael D. Webb, president and CEO for both Tyrogenex and Xcovery, and several management and business development functions will be based in the Needham office. Tyrogenex and Xcovery also have offices in Palm Beach Gardens, Fla.

Tyrogenex is an entrepreneurial, science-driven company dedicated to developing safe and effective targeted therapeutics for cancers and wet age-related macular degeneration (wet AMD). Its lead candidate, X-82, is an orally-administered targeted therapeutic for wet AMD and solid tumors. X-82 inhibits both vascular endothelial growth factor (VEGF) and platelet-derived growth factor (PDGF), and it has demonstrated anti-tumor activities with far less toxicity than first and second generation VEGF/PDGFR inhibitors.

“Having a presence in Massachusetts is a distinguishing factor within the life sciences industry and proves valuable in attracting talent, partnership opportunities and investment,” Webb said. “This new office will enable both Tyrogenex and Xcovery to tap into extensive local resources while continuing to grow and move forward in the clinical development process.”

“Needham is a hub of business development in Massachusetts and I am pleased that Tyrogenex and Xcovery have decided to grow their companies here,” said Senator Richard Ross (R-Wrentham). “Both companies are leaders and innovators in life sciences research and are sure to largely benefit the local community.”

“On behalf of the Town of Needham, we welcome Tyrogenex and Xcovery,” said Representative Denise C. Garlick (D-Needham). “The synergy of a great location and companies poised for increasing success herald a bright future for all.”

Xcovery is dedicated to developing safe and effective targeted therapeutics for cancers with improved safety, tolerability and lower toxicity. The Xcovery portfolio consists of five novel low toxicity drug candidates making them ideal components for combination therapy, the future of molecular targeted therapy in cancer. Xcovery’s lead candidate, X-396, is a potent small molecule anaplastic lymphoma kinase (ALK) inhibitor for the treatment of solid tumors where ALK is deregulated.

“We are pleased to welcome Tyrogenex and Xcovery to Massachusetts, the world’s leading ecosystem for life sciences innovation and growth,” said Angus McQuilken, MLSC Vice-President for Communications & Marketing. “We are confident that here both companies will find the talent, partners, customers and investors that they need to maximize their growth and success.”

“We are thrilled for Tyrogenex and Xcovery as they build their businesses by opening an office in Needham,” said Robert K. Coughlin, President & CEO of MassBio. “We know that Tyrogenex and Xcovery will continue to grow, strengthen their collaborations and make an impact on the Massachusetts life sciences ecosystem.”

Tyrogenex and Xcovery’s new facility is located at 197 First Avenue, Needham, MA 02494.

About the Massachusetts Life Sciences Center

The Massachusetts Life Sciences Center (MLSC) is an investment agency that supports life sciences innovation, research, development and commercialization. The MLSC is charged with implementing a 10-year, $1-billion, state-funded investment initiative. These investments create jobs and support advances that improve health and well-being. The MLSC offers the nation’s most comprehensive set of incentives and collaborative programs targeted to the life sciences ecosystem. These programs propel the growth that has made Massachusetts the global leader in life sciences. The MLSC creates new models for collaboration and partners with organizations, both public and private, around the world to promote innovation in the life sciences. For more information, visit www.masslifesciences.com.

About Tyrogenex

Tyrogenex is developing X-82 as a targeted therapeutic for ophthalmological diseases and solid tumors. Preliminary data from a Phase 1 single agent study show that X-82 is well tolerated and did not exhibit any dose-limiting toxicity during the study.

In oncology, VEGFR tyrosine kinase inhibitors, such as X-82, typically have demonstrated benefit in a variety of cancers though dosage, and use of this class in combination with other therapies, has been limited by side effects. Phase 1 data show that X-82 could have a significantly lower toxicity profile, which may make it an ideal candidate for combination therapy.

For ophthalmology, the company has initiated a Phase 2 study known as “APEX,” for wet AMD in Previously treated Eylea patients with X-82. The study is designed to evaluate the safety and efficacy of X-82 in the prevention of vision loss due to wet AMD. A Phase 1 study showed X-82 was able to maintain or improve vision in all subjects who received the drug for the six-month study duration, and most subjects did not require any rescue injections during that time. There were no dose-limiting toxicities encountered during the study.

About Xcovery and X-396

Through innovative drug design, Xcovery has developed a comprehensive pipeline of oncology therapies with higher potency and low toxicity that target a wide range of advanced tumors. Xcovery is developing X-396, a small molecule that inhibits anaplastic lymphoma kinase (ALK), for treatment of ALK positive non-small cell lung cancer, lymphoma and neuroblastoma. X-396 has been validated in potency and selectivity assays indicating that it is more selective and up to 10 times more potent than competitive ALK inhibitors. Importantly, X-396 has shown activity in some ALK mutations that confer resistance to other small molecule ALK inhibitors.

Corporate Contact:
Tyrogenex and Xcovery Corporate Communications
Teri Swift, 561-727-9559
teri@tyrogenex.com
or
Media Contact:
LaVoieHealthScience
David Connolly, 617-374-8800 ext. 108
dconnolly@lavoiehealthscience.com
or
MLSC Contact:
Massachusetts Life Sciences Center
Angus G. McQuilken, 617-921-7749
amcquilken@masslifesciences.com

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