6th Jan 2016 08:40
LONDON (Alliance News) - Vernalis PLC Wednesday revealed US biotechnology firm Corvus Pharmaceuticals Inc as its licensee for its adenosine antagonist programme in immuno-oncology, following a deal it inked in February of last year.
In February 2015 it licensed exclusive worldwide rights to its adenosine receptor antagonist programme for use in all therapeutic applications to Corvus, although at that time it did not disclose Corvus' name, nor the initial therapeutic focus of the programme.
The lead molecule under the programme, CPI-444, is a small molecule that has been evaluated in phase I and II clinical trials in the US. Corvus plans to develop this molecule for immuno-oncology with clinical studies expected this year.
"We are pleased to make public that Corvus is our licensee and we are excited about the development of CPI-444 in an immuno-oncology setting," said Chief Executive Officer of Vernalis Ian Garland in a statement.
Shares in Vernalis were trading flat at 70.00 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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