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news.GliaMed has given license to its new class of compounds, Regenerative Immunophilin Ligands (RILs) to La Jolla Pharmaceutical, pursuant to an asset purchase agreement.
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GliaMed will be eligible to receive up to 8,205 shares of newly designated Series E Preferred Stock, which would be convertible into approximately 20% of the company’s fully diluted outstanding common stock on an as-converted basis.
GliaMed will also be eligible for a potential cash payment if an RIL compound covered by the agreement is approved by the US Food and Drug Administration or European Medicines Agency in a second clinical indication.
La Jolla intends to develop its lead RIL compound, LJP1485, with an initial focus on scar remodeling.
La Jolla is also planning to conduct a confirmatory preclinical animal study of LJP1485 and expects to complete by the end of the second quarter of 2011.
La Jolla president and CEO Deirdre Gillespie said their initial focus on scar remodeling is based not only on LJP1485’s significant therapeutic potential in this indication, but also on their belief that it will be relatively quick and straightforward to evaluate clinical proof-of-concept here.