The VR1 receptor is an ion channel protein that mediates and influences cell signaling, including the nerve cell signaling that generates some types of pain. Inhibitors of VR1 are predicted to be useful in the treatment of inflammation, various pain conditions, and a number of other disorders.
“Safe and effective antagonists of VR1 have the potential to address major medical needs in multiple therapeutic areas,” stated Dr Corey Goodman, president and CEO of Renovis. “We have made excellent progress in our VR1 program at Renovis and are very pleased to be joining our efforts with those of Pfizer at an important time in the program’s evolution.”
Under the terms of the agreement, Renovis and Pfizer will combine their current VR1 R&D programs, including all existing VR1 antagonists, in a global R&D collaboration. The companies will form a joint steering committee to monitor and oversee the collaboration. Pfizer will fund all aspects of the collaboration including the research and preclinical development efforts at Renovis and will have exclusive worldwide rights to commercialize products that result from the collaboration.
The goal of the alliance is to select and advance the most promising drug candidates with the hope of providing patients with better products for pain and other conditions known to be associated with VR1.
Upon commencement of the collaboration, which may be subject to certain regulatory approvals, Pfizer will pay a $10 million license fee to Renovis, and during the first two years of the collaboration, Pfizer will provide Renovis with research funding in excess of $7 million. Pfizer also has the option to extend the agreement for up to two additional years subject to additional funding requirements.
Renovis will be eligible to receive a number of milestone payments resulting in a total potential to Renovis of greater than $170 million per successful product plus later royalties on sales.