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Industry Discussions / Pharmaceuticals
|Subject: Coronado Biosciences||Date: 12/26/2011 11:39 AM|
|Author: Smufty2||Number: 888 of 897|
This deal essentially gets the recently public Coronado CNDO.OB the phase 2 data and paves the way for a quick move to phase 3.
Coronado Biosciences Signs Binding Terms of Agreement to Enter Into Collaboration for Development of CNDO-201 for Crohn's Disease With Dr. Falk Pharma and OvaMed
Thursday, December 22, 2011 02:00:00 PM
BURLINGTON, Mass., Dec. 22, 2011 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO), a biopharmaceutical company focused on the development of novel immunotherapy agents for the treatment of autoimmune diseases and cancer, today announced a binding Terms of Agreement with Dr. Falk Pharma GmbH and OvaMed GmbH to collaborate in the development of CNDO-201, or Trichuris suis ova (TSO), for Crohn's disease.
Under the Terms of Agreement, Coronado, Falk and OvaMed have agreed to enter into a Collaboration Agreement under which Falk will grant Coronado exclusive rights and licenses under certain Falk patent rights, pre-clinical data and clinical data from Falk's clinical trials of TSO in Crohn's disease, including an ongoing Phase II clinical trial, for use in North America, South America and Japan. Coronado will grant Falk exclusive rights and licenses to Company data from planned clinical trials of TSO in Crohn's disease for use in Europe. Under the agreement, Coronado will pay Falk a total of €5 million during 2012 and a royalty of 1% of net sales of TSO.
Coronado and Falk have each licensed TSO, a novel, orally administered, natural immunomodulator that regulates T-Cells and inflammatory cytokines, from OvaMed, the manufacturer of the product, in their respective territories. A Steering Committee comprised of Coronado, Falk and OvaMed representatives will oversee the development program, under which Coronado and Falk will each be responsible for clinical testing on approximately 50% of the total number of patients required for regulatory approval of TSO for Crohn's disease in the United States and Europe. Coronado expects to finalize the Collaboration Agreement in the first quarter of 2012.
"We are very pleased to have signed this binding Terms of Agreement and we look forward to working together in the development of TSO for Crohn's disease, an area of high unmet medical need," said Bobby W. Sandage, Jr., Ph.D., Coronado's President and CEO. "This collaboration will significantly accelerate the development and reduce the overall costs to Coronado of the TSO development program for Crohn's disease. Further, we are very pleased to be working with Dr. Falk Pharma, a company with substantial expertise in the development and marketing of products used in hepatology and gastroenterology, and contin