Cortendo and Antisense Therapeutics ink deal for acromegaly agent ATL1103

Sweden’s Cortendo (CORT: NOTC-A] and Australia’s Antisense Therapeutics (ANP: ASX) have entered into an exclusive license agreement that provides Cortendo with development and commercialization rights to Antisense Therapeutics’ ATL1103 for endocrinology applications.

Under the terms of the deal, Cortendo will provide Antisense Therapeutics with an initial upfront payment of $5 million consisting of $3 million in cash and a $2 million investment in Antisense Therapeutics equity. Additional payments, contingent on achieving specific development and commercialization milestones, may total up to $105 million over the lifetime of the agreement. There is also the potential for royalty payments based on sales performance.

“Cortendo is dedicated to addressing the needs of the rare disease community, and we are focused on developing novel therapeutic options and resources for rare diseases that will make a difference for patients, their families and physicians. The opportunity to advance ATL1103, a novel second-generation antisense therapeutic with potential utility in acromegaly, nicely complements COR-003, our existing Phase III asset for Cushing's Syndrome, and builds upon our rare endocrine disease franchise,” said Matthew Pauls, president and chief executive of Cortendo.