Kineta and Airmid have announced an agreement in which a Kineta subsidiary has acquired exclusive commercial rights to a portfolio of novel therapeutic compounds from Airmid. The array of compounds is targeted for the treatment of multiple sclerosis, type 1 diabetes mellitus and numerous other autoimmune diseases.
Following thes agreement, Kineta One, (a subsidiary of Kineta) will aggressively pursue additional preclinical studies on a lead compound. The company intends to file an investigational new drug (IND) application with the FDA and begin clinical trials in 2010.
George Miljanich, CEO of Airmid, said: “This transaction is a significant milestone for Airmid. It places our peptidic Kv1.3 blockers into the very capable hands of Kineta’s drug development team, sets Airmid on a path to provide substantial return-on-investment for our shareholders, and provides funding to enhance the value of Airmid’s retained assets.”
Under the terms of the deal, Airmid will receive upfront payments, development, regulatory and commercial milestones as well as sales royalties.