BioAxone Therapeutic Licenses Phase II Spinal Cord Injury Drug Cethrin(R) to Boston Life Sciences
BioAxone Therapeutic announced that it has licensed its clinical phase II spinal cord injury drug Cethrin to Boston Life Sciences, Inc. The worldwide, exclusive licensing agreement grants Boston Life Sciences the rights to develop and commercialize BioAxone's portfolio of proprietary recombinant fusion proteins, products, and associated patents to treat acute spinal cord injury (SCI) and other serious central nervous system disorders.
The license provides for an up-front license fee of US$10 million payable in 2 installments (US$2.5 million paid on execution and US$7.5 million due on or before March 31, 2007), possible performance milestones of up to US$25 million and on-going royalties based on sales of Cethrin after approval. Detailed terms of the license were not disclosed.
Cethrin is a recombinant protein which promotes neuroregeneration in the central nervous system (CNS). It was engineered by BioAxone to effectively penetrate into CNS tissue, where it has been clearly shown to elicit the rescue and repair of damaged neurons in preclinical animal models. Cethrin is delivered in a single dose directly onto the dura mater of the spinal cord during decompression/stabilization surgery. Cethrin was granted Orphan Drug status by the U.S. Food and Drug Administration (FDA) in December 2005.
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