San Diego-based Arena Pharmaceuticals Inc. (Nasdaq: ARNA) Wednesday announced it has entered into a co-development and license agreement with Ildong Pharmaceutical Co. Ltd. for temanogrel, Arena's internally discovered inverse agonist of the serotonin 2A receptor.
The agreement grants Ildong exclusive rights to commercialize temanogrel in South Korea for myocardial infarction, acute coronary syndrome, stroke, peripheral artery disease and other cardiovascular diseases, subject to further development and regulatory approval of temanogrel.
Initially, Ildong will be responsible for funding and conducting, under the direction of a joint steering committee, the next two planned clinical trials in this program: an additional Phase 1 trial in healthy volunteers and a Phase 2a proof-of-concept trial in patients.
Arena will maintain ownership of temanogrel outside of South Korea, and has the rights to use data generated by Ildong for the development and potential commercialization of temanogrel outside of South Korea by Arena or other Arena licensees. In addition, Ildong has agreed to pay Arena a $2 million development milestone if the planned additional Phase 1 and Phase 2a clinical trials conducted by Ildong support continued development, and Arena or another Arena licensee initiates a Phase 2b clinical trial of temanogrel.
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