Nuevolution to receive license fee payment of USD 750,000
Stockholm, 3 January 2018. Nuevolution AB (publ) (NUE.ST) today announced that Janssen Biotech, one of the Pharmaceutical Companies of Johnson & Johnson, has exercised its option to license one of the research programs under the multi-target collaboration entered between the parties in October 2015 – a collaboration that was expanded further in April 2016 and March 2017.
The program that has been licensed to Janssen Biotech relate to a disease target in the therapeutic area of anti-infectives. Nuevolution will initially receive a license fee of USD 750,000 (SEK 6.11 million) for the licensing of the research program to Janssen. Nuevolution is eligible to receive future milestone payments upon achievement of specified milestones during the further research, development and commercialization. In addition, Nuevolution is entitled to receive royalty payments on net-sale of products that may be commercialized.
This marks the completion of the work to be performed in this program by Nuevolution. Janssen Biotech will be responsible for continuing research, development and commercialization of the program at its cost.
Janssen Biotech licensed the anti-infective target program following successful achievement of potent activity for chemical series identified by Nuevolution through the application of the company’s proprietary Drug Discovery Platform Chemetics®, comprising more than 40 trillion compounds available for screening of disease targets.
“We are very pleased to see that the high-quality compounds identified in this challenging program from our Chemetics® platform is acknowledged by the licensing agreement”, said Thomas Franch, CSO of Nuevolution, and stated further, “The next discovery efforts around these compounds now rests with our partner, and we hope that the compounds will help to successfully develop this program further, leading to a new effective anti-infective treatment option”.
For more information, please contact:
Thomas Franch, CSO
Phone: +45 7020 0987
Henrik D. Simonsen, CFO
Phone: +45 3913 0947
The Nuevolution Chemetics® platform technology comprises proprietary methods enabling DNA-encoding of compound libraries for fast and cost-efficient screening of disease targets, and optimization to development candidates. For further details see Nuevolution homepage: www.nuevolution.com.
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, headquartered in Copenhagen, Denmark. Nuevolution partners its proprietary discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit for patients in need of novel medical treatment options. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact persons set out above, on Wednesday 3 January 2018, 14:45 CET.
Nuevolution AB (publ) is listed at Nasdaq First North Premier in Stockholm, Sweden (ticker: NUE.ST). Redeye AB acts as Certified Adviser to Nuevolution AB (publ). More information about Nuevolution can be found at: www.nuevolution.com.