Biovitrum Transfers Two Metabolic Disease Projects to iNovacia
News Jun 23, 2009
Biovitrum AB and iNovacia AB have announced an agreement to transfer the preclinical GPR 119 and SCD-1 projects from Biovitrum to iNovacia.
The agreement includes a split of all future revenues from the projects 70:30 (iNovacia:Biovitrum). Biovitrum will also receive royalties from future product sales resulting from the projects. iNovacia will within the agreement be able to add additional partners to further develop the projects.
The GPR-119 project compounds have shown efficacy in disease models indicating that they may restore insulin production and release in type-2 diabetes patients and thereby blood glucose regulation.
Substances developed in the SCD-1 project can improve 'bad cholesterol', as well as blood glucose, levels in disease models of diabetes.
"We are pleased that our SCD-1 and GPR 119 projects have got a new home with iNovacia, a company we have worked with when developing the existing candidate drugs. Furthermore, we know they have the necessary qualities to successfully take the projects further. The transfer of these promising projects to iNovacia allows us to further focus on bringing specialist indication biopharmaceuticals to patients with significant unmet medical needs," said Peter Edman, CSO at Biovitrum.
"Through this deal, Biovitrum shows great confidence in iNovacia's ability to develop pharmaceuticals. We look forward to drive the GPR 119 and SCD-1 projects towards the market in alliance with chosen partners. This step is part of iNovacia's strategy to establish itself as an internationally competitive supplier of drug research", said Thomas Olin, CEO of iNovacia.