Catalyst Biosciences Sells Drug Asset for $37.75 MillionBy
Catalyst Biosciences, a South San Francisco, California-based clinical-stage biopharmaceutical company, has entered into a definitive agreement to sell one of its neuronal nicotinic receptor (NNR) assets that were under development by the pharmaceutical company, Targacept, prior to its 2015 merger with Catalyst.
Catalyst is focused on developing medicines in the area of hemostasis, and prior to its merger with Targacept, decided not to develop the NNR assets. The divestiture provides an upfront payment to Catalyst of $750,000 and may also allow Catalyst to receive up to a total of $37 million in development, regulatory, and commercial milestone payments as well as royalties on net sales.
NNR agonists are a class of drugs targeting neuronal nicotinic receptors, also known as neuronal acetylcholine nicotinic receptors. Under the agreement, one NNR asset, TC-6499, including related intellectual property rights and materials will be divested. TC-6499 is a molecule that was originally evaluated by Targacept in trials of neuropathic pain and diabetic gastroparesis.
Source: Catalyst Biosciences