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news.Chemokine Therapeutics has re-acquired rights to its compound CTCE-0214, a drug designed to stimulate the immune system, from Pharmaceutical Product Development, which licensed the drug from Chemokine in April 2003.
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Under the agreement, Chemokine will pay Pharmaceutical Product Development (PPD) $100,000 cash on closing, and up to $2.5 million in milestone payments upon achievement of developmental, regulatory and sales milestones.
“We are pleased to reach this agreement with PPD, allowing us full rights to our compound CTCE-0214,” said Hassan Salari, president and CEO of Chemokine. “We can now add further value to this program by continuing to develop the compound and exploring the potential licensing of this compound to a major pharmaceutical company with an interest in the multi-billion dollar immune system recovery market.”
Under the original agreement of 2003, PPD invested $2.7 million and acquired an option to license and develop CTCE-0214 upon completion of phase I clinical trials.
Fred Eshelman, CEO of PPD intimated that a shift in his company’s drug development focus was a major driving factor in the decision to sell the compound back to Chemokine.
CTCE-0214 is designed to mobilize white blood cells and stem cells for patients with low white blood cell count and those requiring stem cell transplantation.