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Faron to acquire AOC3 antagonist platform
Faron to acquire AOC3 antagonist platform.
About this update from Faron Pharmaceuticals Oy
[{"type":"text","content":"\n \n \n RNS Number : 5923E\n Faron Pharmaceuticals Oy\n 02 March 2020\n \n \n \n \n Faron Pharmaceuticals Oy\n \n \n (\"Faron\" or the \"Company\")\n \n \n \n \n \n Faron to acquire AOC3 antagonist platform technology \n \n \n \n \n \n Company announcement, 02 March 2020 at 9.00 AM (EET)\n \n \n \n \n \n Inside information\n \n \n \n \n \n \n TURKU - FINLAND \n \n - Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON), the clinical stage biopharmaceutical company, today announces that it has acquired rights for the potential new use of AOC3 inhibitors (\"Agreement\") covered by a recently filed patent application (\"Invention\"). \n \n \n \n \n \n The AOC3 enzymatic domain, a semicarbazide-sensitive amine oxidase is known to produce hydrogen peroxide, a potent inflammatory mediator. Being expressed by many inflamed vascular endothelial cells, the AOC3 overexpression has been connected with many vascular diseases. The Invention has been discovered by Faron's scientific network (\"Inventors\").\n \n \n \n \n \n Faron will be responsible for the management, prosecution and maintenance of any patent applications assigned from the Inventors to Faron, as well as for the filing of new patent applications for the AOC3 protein inhibitor. Faron is also responsible for the future development of the Invention. Under the terms of the Agreement, in consideration for assignment of the Invention to Faron, the Inventors are eligible to receive low single digit royalties of net revenues of products associated with the Invention and a low single digit percentage of payments to Faron in the event of a third party license being entered into in respect of the Invention. Pre-clinical studies with humanized AOC3 mice and with ex vivo human cells in relation to the Invention are currently ongoing and further information will be provided later in the year.\n \n \n \n \n \n RELATED PARTY TRANSACTION\n \n \n Academician Sirpa Jalkanen, one of the Inventors, is the wife of Markku Jalkanen, Chief Executive Officer, and therefore the Agreement constitutes a related party transaction for the purposes of the AIM Rules. The Directors, Frank Armstrong, Matti Manner, Gregory Brown, John Poulos and Leopoldo Zambeletti, all of whom are independent of Mrs Jalkanen, having consulted with Panmure Gordon, the Company'...