Progenics Pharmaceuticals Reaches Agreement with FUJIFILM Toyama Chemical Co.

Choate advised Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX), an oncology company developing innovative medicines and artificial intelligence to find, fight, and follow cancer, and EXINI, a wholly owned subsidiary of Progenics, in its transfer agreement with FUJIFILM Toyama Chemical Co, Ltd. (FFTC) for the rights to Progenics’ Automated Bone Scan Index (aBSI) product in Japan for use under the name BONENAVI. BONENAVI has been licensed to FFTC for use in Japan since 2011.

Under the terms of the agreement, FFTC will acquire, by a combination of purchase and license, the Japanese software, source code, supporting data and all Japanese patents associated with the aBSI product from Progenics for use in Japan. In exchange, Progenics will receive an upfront payment and service fees for aBSI and other AI products over three years in Japan.

The aBSI product is designed to calculate the disease burden of metastatic prostate cancer by quantifying the hotspots on whole-body bone scans and automatically generate a bone scan index, which has been validated as a prognostic imaging biomarker for survival. aBSI permits a faster quantitative assessment of tumor burden and is highly reproducible.