Xention Enters Drug Discovery Agreement with Ono Pharmaceutical Co., Ltd.
Xention Ltd announced that it has signed a Drug Discovery Agreement with Ono Pharmaceutical Co., Ltd. Under the terms of the Agreement, Xention will apply its proprietary ion channel drug discovery platform to the identification, design and synthesis of small molecules against ion channels selected by Ono – ion channels of key pathophysiological importance against which selective ligands have not previously been developed. Ono will assume responsibility for subsequent pre-clinical, clinical development and worldwide commercialization of potential new pharmaceutical products arising from the collaboration.
Full financial terms of the Agreement have not been disclosed, however, Ono will fund the two-year research programme in its entirety. Xention will also receive an upfront fee and milestone fees on meeting specified drug discovery targets and on Ono’s achievement of development and regulatory goals. Xention will receive royalties on the sales of successfully commercialized products.
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