Sources inform ''Globes'' that Yissum Technology Transfer Company of the Hebrew University of Jerusalem has signed an agreement with Shire Pharmaceutical Group plc (LSE:SHP; Nasdaq:SHPGY; TSX:SHQ) to market the valrocemide molecule developed at the university. Shire reported the agreement in its financial report for the second quarter filed with the London Stock Exchange.
Under the agreement, Yissum will receive an initial payment of several million dollars, and will be paid for reaching milestones. Royalties could total tens of millions of dollars if the drug reaches the market.
Valrocemide was developed to treat disorders of the central nervous systems, especially epilepsy. The molecule is at a fairly advanced stage of development, and results of Phase II clinical trials are already being collated.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) previously acquired commercial rights to the drug, and signed a cooperation agreement with Acorda Therapeutics Inc. to market it in the US. However, Teva decided, for undisclosed reasons, to forego the drug in June 2005, after partial Phase II clinical trials, and before Phase III trials began.
Published by Globes [online], Israel business news - www.globes.co.il - on August 23, 2006
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