23rd Nov 2015 09:04
LONDON (Alliance News) - Evgen Pharma PLC Monday said it has bought exclusive worldwide licensing rights to a range of compounds from the Spanish National Research Council and University of Seville, Spain.
Under the terms of the deal Evgen will pay a "modest" upfront payment and one-off milestone payments as the first compound progresses through clinical development. Royalties on future sales of any marketed products will not exceed 1% of net sales, it said.
Evgen said the new compounds will complement its molecule SFX-01, a synthetic version of naturally occurring molecule sulforaphane. SFX-01 is expected to enter phase II trials in subarachnoid heamorrhage early next year, and a few months later in metastatic breast cancer.
"We are delighted to acquire the exclusive worldwide licensing rights to these novel compounds. The University of Seville has conducted an innovative medicinal chemistry programme based on sulforaphane and, like sulforaphane, these novel compounds have a requirement for our patented stabilisation technology. These new compounds give us the opportunity to lead the intellectual property space around sulforaphane and to build a drug development pipeline targeting several therapeutic markets within neurology and oncology," said Chief Executive Officer Stephen Franklin in a statement.
Shares in Evgen were untraded early Monday. They last closed at 27.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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