Arix Biosciences PLC (LON:ARIX) noted that US-listed biotech Harpoon Therapeutics Inc (NASDAQ: HARP) has received a US$50mln milestone payment from AbbVie after dosing the first patient in a blood cancer trial.

The Phase 1/2 clinical trial is targeting relapsed, refractory multiple myeloma (bone marrow cancer) using HPN217, the third product candidate to enter the clinic using Harpoon’s Tritac platform.

Tritacs are a group of T-cell engagers that encourage the body’s own immune system to target solid tumours and hematologic malignancies.

Arix Biosciences owns 12.1% of Harpoon.