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news.AtheroNova, a biotech company, has ratified its deal with OOO CardioNova, a Russian subsidiary of Maxwell Biotech Group, to license development and commercialization rights for its AHRO-001 lead compound.
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CardioNova will also become an equity investor in AtheroNova.
AHRO-001 is indicated to prevent and regress atherosclerotic plaque as well as reduce cholesterol.
Maxwell Biotech Venture Fund has granted $900,000 to CardioNova to initiate Phase I human clinical studies in Russia.
The license agreement provides for AtheroNova to issue up to $3.8m to CardioNova for funding and performing Phase I and Phase II studies of AHRO-001, to be issued in tranches based on the progress of the studies.
AtheroNova CEO Thomas W Gardner said the Phases I and II human clinical studies in Russia would signify a major development in the progress of AHRO-001.