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Licence agreement for Chk1 Inhibitor CCT245737
Licence agreement for Chk1 Inhibitor CCT245737.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 9649K Sareum Holdings PLC 27 September 2016 \n\n\n\n\n\n(AIM: SAR)\n\n\n27 September 2016\n\n\n\n\nSAREUM HOLDINGS PLC\n(\"Sareum\" or \"the Company\")\nLicence agreement for Chk1 Inhibitor CCT245737\nSareum Holdings plc (AIM:SAR), the specialist cancer drug discovery and development company, is pleased to announce that its co-investment partner, the CRT Pioneer Fund, has today licensed exclusive and worldwide rights for the Chk1 inhibitor cancer drug candidate CCT245737 (to be renamed PNT737) to ProNAi Therapeutics, Inc. (NASDAQ: DNAI).\nUnder the terms of the agreement, an immediate upfront payment of US$7.0 million is due to the co-investment partners and an additional fee of up to US$2.0 million will be payable upon the successful transfer of the two ongoing Phase 1 clinical trials to ProNAi. Additional payments in the aggregate amount of up to US$319.5 million may become payable upon achievement of certain development, regulatory and commercial milestones. ProNAi will also owe high single to low double digit royalties on the net sales of any product successfully developed.\nUnder Sareum's agreements with Cancer Research Technology and the CRT Pioneer Fund, Sareum is entitled to 27.5% of these payments. Therefore, Sareum will receive (i) US$1.9 million as an upfront payment, (ii) potential future milestone payments of up to US$88.4 million, some of which are expected to be paid within the next twelve months upon certain development milestones being met and (iii) its share of any sales royalties. \nFurthermore, the unspent balance, estimated at c£300,000, of the financial commitment to the trial funding of £797,500 made by Sareum in December 2015 will be returned to the Company.\nProNAi is a well-funded clinical stage drug development company advancing targeted therapeutics for the treatment of patients with cancer. The company is comprised of a highly respected management team with a proven track record of success in oncology drug development.\nPNT737 was originally developed in a research collaboration between the Institute of Cancer Research, London (ICR), Sareum Limited and Cancer Research Technology Ltd (CRT). The Programme was licensed to the CRT Pioneer Fund in September 2013 and a co-investment partnership with Sareum was formed to progress the candidate drug through clinical trials...