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news.XTL Biopharmaceuticals has signed an agreement with DOV Pharmaceutical, to in-license the worldwide rights for Bicifadine which it intends to develop for the treatment of neuropathic pain.
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Bicifadine is a serotonin and norepinephrine reuptake inhibitor (SNRI). Compared to the currently approved SNRI's, Bicifadine has a unique ratio of serotonin versus norepinephrine reuptake inhibition, which is weighted toward norepinephrine reuptake inhibition, providing a strong scientific rationale for using Bicifadine for the treatment neuropathic pain indications.
Bicifadine was evaluated in various pain indications, including two trials in patients suffering from acute non-neuropathic pain, where Bicifadine demonstrated statistically significant efficacy.
“This is a very important event for XTL, as this in-license transforms us immediately into a late-stage development company,” commented Ron Bentsur, XTL's CEO.
According to Datamonitor, the market for neuropathic pain drugs is expected to grow from $1.8 billion in 2005 to $5.5 billion by 2015.
In accordance with the terms of the license agreement, XTL will make an up-front payment of $7.5 million. In addition, XTL will make milestone payments of up to $126.5 million, over the life of the license, of which up to $115 million will be due upon or post approval of the product. XTL is also obligated to pay royalties on net sales of the product to DOV.