iCo Therapeutics Inc. enters into Technology Transfer Agreement with Isis Pharmaceuticals, Inc.
iCo Therapeutics Inc. announced that it has entered into a technology transfer Agreement with Isis Pharmaceuticals, Inc. to transfer certain technology related to the manufacture of iCo-007 to iCo in support of producing clinical grade drug product for iCo’s planned Phase II clinical program. In consideration for the technology transfer, iCo will issue to Isis a warrant to purchase 235,000 shares of iCo’s Common Stock at an exercise price of $0.61. The warrant will have a term of two years.
Designed and discovered by ISIS Pharmaceuticals Inc., iCo-007 is a second-generation antisense drug targeting c-Raf kinase for the treatment of DME and diabetic retinopathy.
“Once again, our partner Isis has demonstrated its confidence and support for iCo and our iCo-007 program. This Agreement enables us to begin the process of generating a clinical supply of iCo-007 for our planned Phase II clinical trial”, stated iCo’s CEO, Andrew Rae. “We are also pleased that Isis elected to continue to invest in our future by taking warrants as consideration for the technology transfer.”
“An important component of our business strategy is to encourage innovation and support the advancement of antisense drugs, including those drugs our satellite company partners are developing,” said B. Lynne Parshall, COO and CFO of Isis Pharmaceuticals. “iCo-007 is a product of our satellite company strategy, and we are pleased to continue to support the development of iCo-007. Recently, iCo reported the results of a Phase I study in patients with diffuse diabetic macular edema that demonstrated iCo-007 was well tolerated with a good safety profile and a positive trend toward a reduction in retinal thickness. Observing activity of iCo-007 in a Phase I study is very encouraging, and we look forward to the initiation of a Phase II program in patients with diffuse diabetic macular edema.”
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