QualityStocks would like to highlight Intellect Neurosciences, Inc. (OTCBB: ILNS). Intellect Neurosciences is a Manhattan-based biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer's disease and other serious neurodegenerative disorders.
In the company’s news Friday,
Intellect Neurosciences Inc. announced it has granted an exclusive license to ViroPharma Inc., in which the company will receive licensed patents and patent applications related to Intellect’s orally administered, clinical stage drug candidate, OX1.
ViroPharma plans to develop and commercialize OX1 to treat Friedreich’s Ataxia, a disease that causes nervous system damages and affects movement, as well as for the treatment of diseases for which OX1 may qualify for orphan drug designation.
“We are pleased to enter into a strategic relationship with ViroPharma, which has ample resources, drug development capabilities and orphan drug marketing expertise to accelerate the development and commercialization of OX1,” Dr. Daniel Chain, Intellect chairman and CEO stated in the press release. “This transaction is the first for Intellect related to an internally developed compound. It is consistent with our business strategy to create high value assets that can generate revenues to support further development of drugs for the ultimate benefit of patients in desperate need of novel treatments for life-threatening conditions.”
Per the agreement, ViroPharma will receive all of Intellect’s intellectual property rights and data related to Intellect’s OX1 research and development program in exchange for an up-front licensing fee of $6.5 million; furthermore, ViroPharma will pay additional milestones based upon defined events, at a potential maximum of $120 million. ViroPharma will also pay a tiered royalty based on annual net sales.
Intellect recently announced the completion of phase 1 clinical trials for OX1, in which the drug candidate was demonstrated as safe and well-tolerated across species.
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