Intellect Neurosciences grants ViroPharma a license to OX1 in $126.5 million deal

3 October 2011

USA-based Intellect Neurosciences (OTCBB: ILNS.PK) has granted an exclusive license to US biotech firm ViroPharma (Nasdaq: VPHM) for certain of its patents and patent applications, as well as data and know-how, related to Intellect's clinical-stage drug candidate, OX1, a multimodal, metal-binding, extremely potent antioxidant molecule, which has been demonstrated to protect nerve cells from highly oxidizing neurotoxins.

ViroPharma plans to develop and commercialize OX1 as a treatment of Friedreich's Ataxia, a rare disease for which there are no treatments approved by the Food and Drug Administration, and possibly other diseases for which OX1 may qualify for orphan drug designation. ViroPharma expects to initiate a Phase II study within 12 to 18 months after completion of longer term toxicology studies. It also aims to file for Orphan Drug Designation upon review of the Phase II proof-of-concept data.

$6.5 million upfront payment

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