Under the terms of the agreement TorreyPines will receive from QR Pharma an annual license fee, clinical and regulatory milestone payments, sublicensing fees and royalties on product sales. The agreement also provides QR Pharma with the right to acquire TorreyPines’s ownership of the compounds. Specific terms of the agreement were not announced.
Ev Graham, CEO of TorreyPines, said: “We are pleased to enter into this agreement with QR Pharma and wish them well in their efforts to advance these compounds to develop new treatments for people suffering from Alzheimer’s disease.
“This is the latest in a series of agreements we have executed toward achieving our goal of monetizing non-core assets and becoming a development-only company. Our focus now clearly remains on advancing our clinical product candidates tezampanel, NGX426 and NGX267.”