Ironwood Pharmaceuticals Inc. (IRWD: Quote) and Australia-based Bionomics Limited Wednesday entered into a collaboration, research, and licensing agreement that will enable Ironwood to develop and commercialize Bionomics' investigational anti-anxiety compound BNC210 and other related compounds.
According to the companies, the aim of collaboration is to assess the compound's potential as a novel anti-anxiety treatment. Data from several preclinical studies indicate that BNC210 has anti-anxiety activity without the sedative side effects that are typical of benzodiazepines, a class of drugs used to treat anxiety, they said.
As per the terms, the companies will collaborate on initial research, and Massachusetts-based Ironwood will be responsible for worldwide development and commercialization of all products incorporating BNC210 or other licensed compounds, including funding of clinical trials.
The companies said that pending achievement of certain development and regulatory milestones, Bionomics could receive up to US$345 million in upfront and milestone payments and research funding, as well as royalties on sales of products incorporating BNC210 and other related compounds.
Over the next 24 months, Bionomics may receive up to US$13 million in research funding and milestone payments, including an initial payment of US$3 million.
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by RTT Staff Writer
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