Arena Pharmaceuticals,
Inc.(NASDAQ:ARNA) has recently announced that it has signed a license and
co-development contract with Ildong Pharmaceutical for Arena’s internally
invented inverse agonist of the serotonin 2A receptor, temanogrel. The contract
approves Ildong with exclusive rights to commercialize temanogrel in South
Korea for acute coronary syndrome, peripheral artery disease, myocardial
infraction, stroke and other cardiovascular diseases that are subject to
further development and regulatory support for temanogrel.
In the starting, Ildong
will be in charge of financing and conducting the nest two strategic clinical
trials in this program under the supervision of a joint steering committee.
Arena’s President and
CEO, Jack Lief said that the Phase 1 trials Arena initially conducted to
support temanogrel’s prospects to treat a variety of conditions that are
related to thrombosis through a novel mechanism capable of providing benefits
over presently available therapies. He feels a successful product in the category
can serves as an exceptional treatment option for a number of patients and this
collaboration with Ildong will be enabling Arena to recommence clinical
development in a low-cost mode.
Arena will maintain its
ownership of temanogrel beyond the barriers of South Korea and it will reserve
the rights to use data produced by Ildong for the development and potential
commercialization of temanogrel outside South Korea. Additionally, Ildong has
agreed to pay $2 million development milestone if the planned additional Phase
1 and Phase 2a clinical trials executed
by Ildong support development and Arena
or an Arena licensee starts a Phase 2b clinical trial on temanogrel. Arena is
also in charge of receiving a royalty on net sales of temanogrel in South Korea
while Ildong is entitled to receive a share of future payments that are
received by Arena associated to licensing transactions and sales on temanogrel
in other parts.
Chairman and CEO of
Ildong, Jung-chi Lee said that the company is happy to enter into collaboration
with Arena for temanogrel.
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