Xention Ltd has announced that it had extended its collaboration with Ono Pharmaceutical Co., Ltd.. The drug discovery agreement between the companies was entered into in March 2009 for a two-year term.
The collaboration has been successful in identifying multiple compounds which selectively modulate the function of target ion channels, and Ono and Xention have now agreed to extend the drug discovery collaboration for a further year.
Under the terms of the agreement between the companies, Xention is applying its proprietary ion channel drug discovery platform to the identification, design and synthesis of small molecules against ion channels selected by Ono.
Ono is responsible for subsequent pre-clinical, clinical development and worldwide commercialization of potential new pharmaceutical products arising from the collaboration.
Ono will continue to fund the research programme in its entirety, and Xention will receive milestone fees on meeting specified drug discovery targets and on Ono’s achievement of development and regulatory goals. Xention will also receive royalties on the sales of successfully commercialized products.
“Our collaborative work with Xention has been extremely productive” commented Dr. Kazuhito Kawabata, Managing Director, Research Headquarters at Ono. “We are certain that during the extended collaboration period Xention will identify novel and potent development compounds that modulate our targets of interest selectively.”
Tim Brears, CEO of Xention added: “we are very pleased that our partnership with Ono will continue. Ono is a leading Japanese pharmaceutical company and we are delighted to pool our expertise in the development of an exciting class of new medicines”.