Cara Therapeutics and Chong Kun Dang Pharmaceutical have signed licensing contract to develop and market CR845, an analgesic drug candidate, in the Republic of Korea.
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As a part of the agreement, Cara is eligible to gain an up-front payment, as well as an equity investment.
Cara could even gain further milestone payments related to pre-defined clinical and regulatory events in Korea and the US, in addition to royalties on Korean sales of any marketed products containing CR845.
Cara Therapeutics CEO Derek Chalmers said, "As we continue to advance both the IV and oral formulations of CR845 in the U.S., this transaction will allow Cara to expand its clinical and commercial activities into this growing marketplace."
The peripherally-restricted kappa opioid receptor agonist is presently in development for the treatment of acute and chronic pain.
A Phase II trial with CR845 was completed and Cara is expecting to report the data in the second quarter of 2012.