Molecular Insight Pharmaceuticals, Inc. (MIPI) said it agreed to sub-license a cancer candidate under development for an initial non-refundable payment of $4.4 million. The company said it could receive more than $10 million in total regulatory milestone and upfront payments, net of license payments.
The move comes from the company, which reported revenues of $137 thousand for the most recently ended second quarter.
The company is sub-licensing its "Onalta brand 90-Y edotreotide radiotherapeutic" in certain countries in Europe, the Middle East, North Africa, Russia and Turkey to Greece-based BioMedica Life Sciences, S.A. Molecular Insight continues to retain all rights to all other markets and territories, including the U.S., Japan and Asia.
Onalta is a radiotherapeutic product candidate under development for the treatment of metastatic carcinoid cancer, a rare life-threatening condition with few treatment options, and pancreatic neuroendocrine tumors in patients whose symptoms are not controlled by conventional therapy. Neuroendocrine tumors are a type of cancer that arises from neuroendocrine cells and can occur in different parts of the body.
The compound has shown the potential to selectively deliver lethal radiation to cancer cells, the company says. Onalta has received Orphan Drug Designation in the European Union (EU) and the European Medicines Agency (EMEA) has accepted the company's Phase 3 protocol design and plan for EU development.
Originally, Molecular Insight licensed the rights to the parent compound of Onalta from Novartis Pharma AG, which had developed the product through Phase 2 clinical trials, accumulating data from more than 300 patients.
The latest agreement provides BioMedica an exclusive sub-license to intellectual property rights with respect to Onalta. BioMedica is expected to perform clinical studies and market, distribute and commercialize Onalta in the specified territories and secure all regulatory approvals.
Under the deal terms, BioMedica will purchase finished product, including compassionate use and clinical trial supplies exclusively from Molecular Insight for a five-year period, with a five-year renewal option.
For the most recent quarter, Molecular Insight posted cash of $3.27 per share that constitutes 63.9% of the current stock price of $5.12. Insiders are very bullish about the stock, owning 44.5% of the company's outstanding float. High insider ownership generally denotes confidence in the stock.
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