UK developer of cell-based therapeutics, ReNeuron Group, has signed an exclusivity agreement with a US-based specialty pharma company in connection with the potential out-licensing of its hRPC retinal stem cell technology and therapeutic programmes.
Sign agreement
Under the terms of the agreement, ReNeuron will receive a non-refundable $2.5 million cash payment from the US-based company in return for a three-month exclusivity licence. Additionally, a further $2.5 million will be payable to ReNeuron subject to the completion of certain due diligence activities during the exclusivity period.
The main aim for ReNeuron is to sign a definitive out-licensing agreement with the US-based company later on in the year. This agreement is envisaged to comprise a worldwide licence, excluding China, with success-based development milestone payments and royalty payments on eventual in-market sales.
It is believed that this US partner not only has the financial capacity but also the clinical and commercial competencies necessary to accelerate and maximise the value of ReNeuron’s hRPC technology.
“ReNeuron has been actively engaged in discussions with various parties during the past few months regarding the potential partnering of our hRPC retinal stem cell technology and programmes. We are very pleased to be entering a period of further discussion and due diligence on an exclusive basis with one of these parties and hope to announce an agreement later this year. In addition to this, we are in detailed discussions with a number of companies in connection with our other programmes,” said Olav Hellebø, chief executive officer of ReNeuron. “It is highly encouraging that our technologies and therapeutic programmes are attracting increasing interest from commercial third parties, reflecting the positive progress these programmes are making through pre-clinical and clinical development and their potential to address major unmet medical needs.”
ReNeuron has also reported that it is in active commercial discussions with other third parties relating to its other platform technologies and therapeutic programmes with a view to signing collaboration and/or out-licensing deals in due course.