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news.Intellect Neurosciences has granted an exclusive license to ViroPharma for licensed patents and patent applications related to Intellect's clinical stage drug candidate, OX1.
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Intellect will transfer all of Intellect’s intellectual property rights and data related to OX1 research and development program, to ViroPharma for $6.5m up-front licensing fee.
The agreement has a potential for milestone payments assuming advancement to market amounting to $120m.
In addition, ViroPharma will pay a tiered royalty up to low double digits based on net sales achieved annually.
Following the deal, ViroPharma will develop and commercialize OX1 as a treatment for Friedreich’s Ataxia and other diseases.
The drug is a multimodal, metal-binding antioxidant molecule, which protects nerve cells from oxidizing neurotoxins.
Intellect recently announced completion of Phase 1 clinical trials for OX1.