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news.Wex Pharmaceuticals has received a E2,000,000 payment from its co-development partner, Laboratorios del Dr Esteve SA. This payment represents Esteve's commitment to the recently completed Canadian phase IIa clinical study of pain drug Tectin.
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Wex licensed the European rights to its Tetrodotoxin (TTX) products to Esteve in November 2002 for a commitment of C$62,000,000. This agreement was expanded in March 2005 to include certain global co-development work. Esteve’s remaining commitment to this project is approximately E36,200,000, comprised of European clinical development costs and additional payments to Wex.
Tectin, a drug derived from the puffer fish, also known as blow fish or fugu, has been developed by Vancouver-based Wex to block slow sodium channel nocicipetive pain fibers in a highly selective manner.
Wex originally used the drug compound for the treatment of drug withdrawal but it was noted that the main factor in its ability to relief or eliminate withdrawal symptoms was its ability to reduce pain.
Wex currently has an ongoing Canadian phase IIb/III clinical study being conducted at 24 leading pain centers.