Rexahn Signs Development, Commercialization Agreement With The Partner

Rexahn has signed an exclusive collaboration and option for license agreement with the Partner Co., for the development of RX-3117. RX-3117 is a small molecule, new chemical entity (NCE), nucleoside compound. It reportedly has an anti-metabolite mechanism of action and therapeutic potential in a broad range of cancers including colon, lung and pancreatic cancer.

The contract of Partner to proceed with the transaction depends on its satisfaction with its ongoing due diligence activities, and to the satisfaction of other customary conditions.

If Partner agrees to proceed, then under the terms of the agreement, Rexahn will receive upfront payments in the form of equity investment and, assuming the license option is exercised, will be eligible to receive development, regulatory and sales milestone payments.

In addition, Rexahn will receive royalties on net sales worldwide. The signing of the agreement by both parties precedes a definitive deal closing for the exclusive development and commercialization of RX-3117.

Chang Ahn, Chairman and CEO, Rexahn, said: “In addition to the strength of our Phase II compounds Archexin, Serdaxin and Zoraxel, the depth of our pre-clinical pipeline is a key differentiator of our company. The commitment of a big pharmaceutical partner to collaborate with Rexahn is a major step forward in our strategy and validates the commercialization value of our innovative pipeline.”

“RX-3117 is a highly promising anticancer compound with potential for oral and IV formulation, and this new partnership serves to rapidly advance its development and helps us realize a potentially significant revenue stream,” he added.