10th Oct 2022 09:58
(Alliance News) - Evgen Pharma PLC on Monday said it has signed a licencing deal for up to USD160.5 million with Stalicla SA for the global rights to its lead asset SFX-01 in neurodevelopmental disorders and schizophrenia.
Evgen Pharma is a Cheshire, England-based clinical stage drug development company, developing sulforaphane-based medicines for the treatment of multiple diseases. Stalicla is a Swiss company that specialises in identifying specific phenotypes of autism spectrum disorder.
Evgen shares were trading 65% higher at 4.69 pence each in London on Monday morning.
According to the terms of the licencing deal, Evgen will receive USD500,000 upfront, followed by a further USD500,000 on completion of the fully financed phase one study.
Up to commercial launch, milestone payments are USD26.5 million, including USD5.0 million once the US Food & Drug Administration has granted investigational new drug status, anticipated in late 2023.
Total milestones of USD160.5 million are payable to Evgen in relation to the first neurodevelopmental disorder indication under the licence.
Evgen will collaborate on a clinical programme focused on autism spectrum disorder, with Stalicla funding all clinical development activities.
It said the partnership will allow it to target patient groups most likely to benefit from SFX-01, thus de-risking the clinical development.
SFX-01 is Evgen's lead asset, a patented composition of synthetic sulforaphane and alpha-cyclodextrin.
Evgen retains the global rights for all other indications beyond neurodevelopmental disorders and schizophrenia.
Chief Executive Officer Huw Jones said: "This is an exciting opportunity to work with Stalicla to develop a potential treatment for ASD and other neuropsychiatric disorders. There are no current-approved treatments for ASD, but a molecular target activated by SFX-01 offers considerable promise in alleviating some of the complex behavioural challenges experienced by people with these conditions".
By Holly Beveridge; [email protected]
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