We've updated our Privacy Policy to make it clearer how we use your personal data.

We use cookies to provide you with a better experience. You can read our Cookie Policy here.

Advertisement
Proximagen Signs Sale and Purchase Agreement for Sabcomeline
News

Proximagen Signs Sale and Purchase Agreement for Sabcomeline

Proximagen Signs Sale and Purchase Agreement for Sabcomeline
News

Proximagen Signs Sale and Purchase Agreement for Sabcomeline

Read time:
 

Want a FREE PDF version of This News Story?

Complete the form below and we will email you a PDF version of "Proximagen Signs Sale and Purchase Agreement for Sabcomeline"

First Name*
Last Name*
Email Address*
Country*
Company Type*
Job Function*
Would you like to receive further email communication from Technology Networks?

Technology Networks Ltd. needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy

Proximagen Group plc, the biotechnology company focused on diseases of the central nervous system, announces that it has signed a Sale and Purchase Agreement with BrainCells Inc. (BCI) for Proximagen’s sabcomeline programme.

Under the terms of the Agreement, BCI will pay Proximagen an up-front fee and milestone payments together worth up to $51 million, as well as a royalty on sales. Proximagen had acquired sabcomeline in February 2010 through its acquisition of Minster Pharmaceuticals plc (Minster).

Under the terms of the Agreement, BCI will own the worldwide rights to sabcomeline and will be responsible for the clinical development, regulatory filing and commercialization of the drug candidate. The Agreement transfers from Proximagen to BCI the rights and obligations under the sabcomeline development and licence agreement signed between Minster and SmithKline Beecham plc (subsequently GlaxoSmithKline, “GSK”) in April 2001. Consequently, BCI is now entirely responsible for future milestone and royalty payments due to GSK under the April 2001 agreement.

Sabcomeline, a muscarinic partial agonist, has been shown to be safe and well-tolerated in over 3,000 patients. BCI plans to initiate a Phase 2 clinical trial to evaluate sabcomeline as augmentation to SSRIs for the treatment of patients with major depressive disorder. Improvements in cognitive function will also be measured.
Advertisement