Array BioPharma and VentiRx Pharmaceuticals Announce License Agreement
News Mar 14, 2007
Array BioPharma Inc. and VentiRx Pharmaceuticals Inc. have announced that the two companies have entered into a license agreement granting VentiRx exclusive worldwide rights to Array’s Toll-like receptor (TLR) program. The program contains a number of development candidates targeting TLRs to activate innate immunity. VentiRx expects to develop its first two candidates in oncology and allergy.
“These novel small molecule compounds from Array represent a significant opportunity for VentiRx and are ideally suited for our core competencies,” said Michael Kamdar, Executive Vice President and Chief Business Officer at VentiRx.
“This licensing agreement, coupled with our $28.9 million financing, puts us in a strong position to develop novel TLR-based therapeutics,” Kamdar continued.
Financial terms of the agreement were not disclosed, but Array will receive an equity stake in VentiRx as well as an upfront payment, potential milestone payments and royalties on product sales. Array retains the option to acquire a 50% ownership position in all VentiRx clinical oncology products developed under this agreement.
“We believe VentiRx is a strong partner for developing this program based on their extensive background and focus on innate immunity,” said David Snitman, Ph.D., Chief Operating Officer, Array BioPharma.
“As Array continues to progress its clinical pipeline of small molecule therapeutic products, we will look for novel opportunities, such as this licensing agreement with VentiRx, to maximize the value of our preclinical assets.”