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news.Avanir Pharmaceuticals has acquired additional rights to Neurodex through one of its subsidiaries. Neurodex is a late-stage drug candidate for the treatment of multiple central nervous system disorders, which was sublicensed from IriSys in 2000.
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As a result, Avanir, through its subsidiary, holds the exclusive worldwide marketing rights to Neurodex for five indications under a royalty-bearing license with the owner of the underlying technology, The Center for Neurologic Study.
Going forward, Avanir will be obligated to pay The Center for Neurologic Study milestones, a patent royalty on product sales, and a share of revenues received if Avanir sublicenses Neurodex to a third party.
IriSys received $1,925,000 in cash and 2,000,000 shares of Avanir class A common stock in the transaction, but Avanir will have no future financial obligation to IriSys.
In 1997, IriSys licensed the worldwide rights from The Center for Neurologic Study to develop and distribute Neurodex and, in 2000, Avanir sublicensed Neurodex from IriSys.
Avanir is currently developing Neurodex for the treatment of two clinical indications, pseudobulbar affect and diabetic neuropathic pain. Avanir has completed phase III clinical testing of Neurodex for the treatment of pseudobulbar affect, and began submission of a new drug application (NDA) to the FDA in December 2004.