Patrys locks in 50% revenue share on deoxymab IP in Yale University deal
Patrys (ASX: PAB) has entered a binding agreement with Yale University covering the deoxymab intellectual property portfolio (Deoxymab IP), establishing a revenue sharing arrangement over the platform’s future development.
Under the deal, Patrys will be entitled to fifty percent (50%) of all future commercialisation revenue received by the University that is directly attributable to the Deoxymab IP portfolio.
The structure is designed to preserve meaningful long-term shareholder participation in future value creation while materially reducing Patrys’ future capital requirements associated with ongoing development.
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How the deal is structured
Under the terms of the agreement, Patrys will assign the Deoxymab IP to the University, transferring all relevant deoxymab intellectual property rights and associated assets. In return, the University takes on responsibility (either directly or via third-party funding) for a majority of the future research and development costs, except for some ongoing costs that Patrys will contribute to.
In consideration for the assignment, Patrys will be entitled to 50% of commercialisation revenue received by the University. According to the announcement, commercialisation revenue includes:
- Cash and non-cash consideration
- Equity interests
- Licensing income
- Royalties
- Milestone payments
- Other commercial consideration
The pathway includes a start-up dimension. It is intended that once the Deoxymab IP is assigned, the University will transfer the portfolio into a new start-up entity, with Patrys becoming a direct shareholder in that entity. This is intended to allow Patrys to maintain an ongoing strategic interest in the portfolio.
The arrangement also connects to a potential Yale venture, Nucleicon, founded by deoxymab inventor Dr James Hansen, MD.
Patrys notes that commercialisation activities remain subject to ongoing development of the Deoxymab IP, securing appropriate funding, execution of definitive commercialisation transaction documents, and satisfaction of customary regulatory and operational conditions.
CEO Commentary
“This transaction represents an important strategic milestone for Patrys and the deoxymab platform. This agreement preserves the Company’s involvement and exposure to potential future commercial success, while materially reducing the capital required to continue advancing the asset internally,” said Dr Samantha South, Chief Executive Officer.
What deoxymab is and why the structure matters
Patrys describes deoxymab as a differentiated antibody platform targeting immune-mediated inflammatory diseases.
The investment logic is relatively straightforward. Rather than Patrys funding costly development alone, the University-supported framework provides access to academic research capabilities, specialist expertise, strategic partnerships and external funding pathways.
For investors, the model means the University will be responsible for a majority of the future research and development costs, substantially reducing the Company’s future funding requirements, while Patrys retains 50% economic exposure to future commercialisation revenue, plus equity in the new start-up entity.
Inventor Commentary
“My research career has been dedicated to developing Deoxymab and uncovering its unique mechanisms of action. I am incredibly excited to now have the opportunity to continue advancing this transformative antibody towards its full potential as a novel therapeutic that I believe will fundamentally change how we treat multiple diseases,” said Dr James Hansen.
Where the April placement funds are going
Separately, Patrys intends to deploy funds raised from its April placement (ASX announcement 20 April 2026) across activities relating to the Reliis business and the deoxymab portfolio. This allocation relates to the April placement.
The Reliis acquisition completed in January 2026 added RLS-2201, a clinical-stage injectable quetiapine targeting acute-care delirium, giving Patrys a second development platform alongside deoxymab with a potentially shorter path to clinical milestones.
| Allocation of funds | AUD |
|---|---|
| Advancement of RLS-2202 towards clinical development | $1,981,823 |
| Costs associated with the deoxymab IP portfolio | $683,344 |
| Working capital | $534,833 |
| Total | $3,200,000 |
Within the deoxymab allocation, the Company intends to direct funds as follows:
-
Approximately $290,000 towards ongoing maintenance and development of the deoxymab portfolio.
-
$243,344 towards the ongoing pre-clinical research programme with Monash University.
-
$150,000 towards ongoing costs of the Deoxymab IP to be assigned to Yale University under the agreement.
Investment thesis and what comes next
The capital-light structure is intended to preserve meaningful long-term shareholder participation in the deoxymab platform while cutting the funding Patrys must commit internally. That combination of retained economic exposure and reduced cash burn sits at the centre of the strategic rationale.
Patrys will continue supporting ongoing vasculitis pre-clinical research of DX1 and DX3 in collaboration with Dr O’Sullivan at Monash University. This work is intended to further strengthen the scientific validation, translational potential and commercial attractiveness of the IP being assigned to the University.
Importantly, the deal is not an exit from the science. The IP is being assigned back to the University, and Patrys has obtained confirmation from ASX that Listing Rules 11.1 and 11.2 do not apply, on the basis that the transaction does not involve a significant change of nature or scale in its main business activities.
Patrys states it remains committed to its main undertaking, the development of differentiated, mechanism-based therapies addressing acute and chronic immune inflammatory conditions, alongside the Reliis business and its RLS-2202 programme.
The RLS-2202 Phase 1 trial has CMAX confirmed as the clinical site and Alithia Life Sciences appointed as CRO, with first participant dosing targeted for Q3 CY2026 subject to HREC approval.
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