The drug candidate is a novel oral compound intended for the treatment of a common psychiatric disorder. Under an amended agreement with Taisho, which was initially executed in May of 2000 to research a number of different GPCR targets of interest to Taisho, Taisho is responsible for development and commercialization of the drug candidate. Arena is entitled to a low single digit royalty on any product revenues received by Taisho from the sale of the drug candidate.
Jack Lief, Arena’s president and CEO, said: “We are very happy to see our long-standing partner, Taisho, effectively continue its efforts under our existing collaboration. We look forward to the Phase I results and the continued progress of this program.”