ProNAi buys rights to cancer drug for up to $328.5 million

27 September 2016

US clinical-stage drug development company ProNAi Therapeutics (Nasdaq: DNAI) has bought exclusive worldwide rights for the Chk1 inhibitor cancer drug candidate CCT245737 (to be renamed PNT737) for a figure which could reach $328.5 million.

It has obtained an exclusive license from the CRT Pioneer Fund, a cancer investment fund established by Sixth Element Capital (6EC), Cancer Research Technology (CRT) and the European Investment Fund (EIF) and managed by 6EC.

The deal caused a 150% rise in the share price of Sareum Holdings (AIM: SAR), a cancer drug discovery and development company and co-investment partner of the CRT Pioneer Fund, though the stock has since stabilized.

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