Teva Pharmaceutical Industries has decided not to exercise its option to license RX-3117, a DNA and RNA synthesis inhibitor for the treatment of solid cancer tumors, from Rexahn Pharmaceuticals. As a result, the Research and Exclusive License Option (RELO) agreement for RX-3117 between Rexahn and Teva has been terminated. Rexahn will retain all the global development and commercialization rights to RX-3117.
Rexahn originally signed an exclusive collaboration and option for license agreement with Teva (referred to as an anonymous “Partner Co.” in the press release) for the development of RX-3117 back in June of 2009. In July of this year, Teva submitted an IND application to the FDA for RX-3117. Under the RELO agreement, Teva had 45 days from the filing of the IND to exercise their option to license RX-3117 exclusively.
“RX-3117 appears to have potential in various indications, but does not align with Teva’s new Oncology strategy,” said a representative from Teva.
Rexahn says they will continue to advance the clinical development of RX-3117 and expects to finalize the timeline for initiating a Phase I clinical study in cancer patients within the next three months.
“RX-3117 has already demonstrated safety and oral bioavailability in cancer patients, and has the potential to treat a wide variety of solid cancer tumors,” said Peter D. Suzdak, Ph.D., Rexahn’s CEO, in a statement. “We will explore potential partnering opportunities with oncology-focused pharmaceutical companies for this compound, as we continue to make progress in the clinical development of RX-3117.”