ProNAi Therapeutics has obtained an exclusive license from the CRT Pioneer Fund for worldwide rights to develop and commercialize PNT737, a small-molecule inhibitor of checkpoint kinase 1 (Chk1).
PNT737 is being investigated in two Phase I trials, currently sponsored and managed by the Cancer Research UK Centre for Drug Development, led by The Institute of Cancer Research, London, and The Royal Marsden NHS Foundation Trust.
ProNAi will pay the CRT Pioneer Fund an upfront payment of $7.0 million. ProNAi will take on sponsorship and management of the clinical development and pay a fee of up to $2.0 million upon the successful transfer of the two ongoing Phase I clinical trials to the company. Additional payments in the aggregate amount of up to $319.5 million may become payable upon achievement of certain development, regulatory, and commercial milestones. ProNAi will also owe CRT Pioneer Fund high single- to low double-digit royalties on net sales.
PNT737 was discovered and initially developed by scientists in the Cancer Research UK Cancer Therapeutics Unit at The Institute of Cancer Research (ICR) in collaboration with Sareum Holdings. The program was licensed in September 2013 to the CRT Pioneer Fund.