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Eleven Biotherapeutics eligible for milestone payment after EBI-031 IND application becomes effective

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Eleven Biotherapeutics’ investigational new drug application for EBI-031, an interleukin-6 antagonist antibody technology, has become effective, which entitles the company to receive a $22.5 million payment from Roche, according to a press release.

Eleven and Roche entered an exclusive license agreement in June regarding the development and commercialization of EBI-031 and other IL-6 antagonist antibody technologies for the treatment of ocular diseases. The $22.5 million payment is part of the $262.5 million that Eleven may be eligible to receive upon achieving regulatory, development and commercialization milestones.

Effectiveness of the agreement is subject to approval by holders of at least a majority of the outstanding shares of Eleven’s common stock, according to the release.

“We look forward to Roche advancing EBI-031 into the clinic to explore its potential use for ocular diseases, such as diabetic macular edema, in an effort to bring this potential treatment to patients,” Abbie Celniker, PhD, president and CEO of Eleven, said in the release.