Former partner Stragen will continue as supplier and become significant shareholder in the firm.
ChemGenex Pharmaceuticals has regained full commercial control of its lead product, omacetaxine mepesuccinate from Stragen Pharma. The reacquisition strengthens ChemGenex’ ability to freely pursue multiple commercialization opportunities for this compound, which is in the final stages of a Phase II/III trial in chronic myeloid leukemia patients with the T315I mutation.
Stragen’s omacetaxine IP suite, obtained three years ago under a manufacturing and commercialization agreement with ChemGenex, will be returned. The new agreement also removes the need for a European joint venture, allowing ChemGenex to control European development and access all profits from sales of omacetaxine in Europe.
Stragen will, however, remain as ChemGenex’ supplier of omacetaxine and become a significant shareholder; consideration for the reacquisition of global IP rights and European commercialization rights will be through the issuance of 37,235,343 new ordinary shares in ChemGenex.
