Earlier, Johns Hopkins University has licensed FP01 intellectual property to Fells Labs.
As per the terms of the current agreement, Fells Labs is entitled to get an upfront payment and additional consideration from Cerecor, upon the achievement of milestone.
Cerecor anticipates filing an investigational new drug (IND) application at year-end 2011 and preparing a 505(b)2 submission for the product to the FDA within the next 36 months.
Cerecor CEO Blake Paterson said their intellectual property (IP) portfolio consists of 4 patent applications which cover cough method-of-use, in addition to synergistic combinations and cough formulations of FP01 that enable its utility in cough and provide the opportunity to build a patented portfolio of new cough and cold products.
"By means of this acquisition, Cerecor possesses the exclusive worldwide rights to develop and market FP01 in cough, and itself owns most of the formulation and combination IP," Paterson said.