ViroPharma Inc. (VPHM) Friday announced the license of worldwide rights from Intellect Neurosciences, Inc. to its clinical stage drug candidate, OX1, being developed for the treatment of Friedreich's Ataxia, a rare, hereditary, progressive neurodegenerative disease.
Under the terms of the agreement, ViroPharma has exclusive worldwide rights to develop and commercialize OX1 for the treatment, management or prevention of any disease or condition covered by Intellect's patents. ViroPharma paid Intellect Neurosciences a $6.5 million up-front licensing fee and will pay additional milestones based upon defined events.
OX1, or indole-3-propionic acid, is a naturally occurring, small molecule that has potent anti-oxidant properties that can protect against neurodegenerative disease. In a recent Phase 1 safety and tolerability study conducted in the Netherlands, OX1 was demonstrated to be safe and well tolerated at all dose levels tested. ViroPharma expects to initiate a phase 2 study within 12 to 18 months after completion of longer term toxicology studies.
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