Firm monetizes yet another noncore asset.
TorreyPines Therapeutics licensed the worldwide rights to Posiphen™, bisnorcymcerine, and phenserineto QR Pharma. Under the terms of the agreement, TorreyPines will receive an annual license fee, clinical and regulatory milestone payments, sublicensing fees, and royalties on product sales. The agreement also provides QR Pharma with the right to acquire TorreyPines’ ownership of the compounds.
These three compounds, all targeted at Alzheimer’s Disease, originated at Axonyx, which was acquired by TorreyPines in 2006.
“This is the latest in a series of agreements we have executed toward achieving our goal of monetizing noncore assets and becoming a development-only company. Our focus now clearly remains on advancing our clinical product candidates tezampanel, NGX426 and NGX267,” said Ev Graham, CEO of TorreyPines.
Earlier this month, TorreyPines sold its Alzheimer’s disease genetics research program to Eisai.
