Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.AtheroNova is set to license commercialization rights for AHRO-001 lead atherosclerotic plaque regression compound to Maxwell Biotech.
Subscribe to our email newsletter
Under the contract, Maxwell will fund the Phase I and II human clinical studies of AHRO-001 in Russia.
In return, AtheroNova will issue up to $4.1m in common stock and grant to Maxwell an exclusive license to develop and commercialize AHRO-001 in the territory encompassing the Russian Federation, Belorussia, Ukraine, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Moldova, Azerbaijan and Armenia.
AtheroNova CEO Thomas Gardner said Maxwell has committed to fund these clinical studies following extensive due diligence during which they vetted not only their science, intellectual property, projected market size and development pathway, but also the potential of their plaque regression technology to transform the treatment of atherosclerosis.
Maxwell managing director Alexey Eliseev said this is a significant milestone for AtheroNova as they complete the pre-clinical stage of the AHRO-001 development program and prepare for their upcoming FDA pre-IND meeting and the launch of clinical studies.