SARcode bought Sunesis Pharmaceuticals' intellectual property and assets related to the LFA-1 inhibitor program for $2 million. The lead candidate, SAR 1118, which has yet to begin Phase I testing, is a small molecule LFA-1 inhibitor being developed for T-cell mediated ophthalmic diseases.
SARcode previously had a license to this program. The license agreement will now be terminated, and Sunesis will forego future milestone payments and royalties.
“Consistent with our strategy to focus our resources on advancing voreloxin, our novel investigational anticancer drug candidate currently being developed for acute myeloid leukemia and ovarian cancer, we made the decision to monetize our milestone and royalty rights in SARcode's LFA-1 program,” says Daniel Swisher, CEO of Sunesis. Voreloxin is in Phase II trials.
“We have been impressed with the progress of SAR 1118 to date and retain an interest in the future success of this program through our convertible notes.” The convertible notes have a total principal value of $1 million.