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Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) today announced it had taken full scientific and commercial control of the collaboration between Pharmaxis and UK biotech company Synairgen plc (AIM: SNG). Pharmaxis has expanded the scientific program on LOXL2 inhibitors to maximise its value to potential partners and at the same time substantially increased its interest in the program in return for a payment of £5 million to Synairgen.
The changes can be summarised as follows:
- Pharmaxis has immediately doubled the program scope to encompass two lead candidates with unique properties that it intends to take to the end of phase 1 trials with additional toxicology data delivered in parallel to enable them to be phase 2 ready by mid-2018.
- Pharmaxis has assumed full control of the ongoing partnering process and is targeting to conclude a deal after the phase 1 studies have reported.
- Changes in the collaboration financial arrangements include:
- Pharmaxis has significantly increased its share of any partnering deal for the LOXL2 program in fibrotic diseases to over 80%.
- Synairgen has retained a reduced but fixed percentage share of all future partnering revenues.
- Pharmaxis has assumed full funding responsibility for the ongoing collaboration program.
- Pharmaxis will make a cash payment to Synairgen of £5 million (approximately A$9m).