Drais Pharmaceuticals and Diatos Partner to Develop and Commercialize DTS-108 for Treatment of Cancer
News Dec 23, 2008
Drais Pharmaceuticals, Inc. and Diatos S.A. have announced that they have entered into a global agreement to develop and commercialize DTS-108 for the treatment of solid tumors. DTS-108 is currently ready to begin Phase I clinical trials in Europe for the treatment of patients with advanced or metastatic solid tumors.
Under the terms of the agreement, the license grants exclusive rights to Drais to develop and commercialize DTS-108 worldwide. In return, Diatos will receive an upfront payment, development milestones and sales milestones, plus royalties. The total value of the non-royalty portion of the partnership is valued at $46.9 million.
"We are very pleased to enter into this partnership with Diatos, which leverages both companies' unique experience and expertise," said Dr. Donna L. Tempel, president and chief executive officer of Drais Pharmaceuticals.
"DTS-108 will become a key asset for Drais and we believe strongly in its potential to provide significant benefits over existing cancer therapies. This is a major step for Drais as we continue to build our therapeutic pipeline."