Summit Pharma gets exclusive agency for Neuralstem's NSI-189 in Japan

USA-based stem cell development firm Neuralstem (NYSE Amex: CUR) has signed an exclusive agency licensing agreement with Japan’s Summit Pharmaceuticals International (SPI), a wholly owned subsidiary of Sumitomo Corp, for domestic rights to a potential antidepressant.

Under the deal, financial terms of which were not disclosed, SPI will gain market development and licensing rights to NSI-189, Neuralstem's neurogenic compound, currently in a Food and Drug Administration-approved Phase I clinical trial for major depression.

"We have stated previously our intention to take NSI-189 through Phase II trials before seeking a partner for worldwide rights," said Neuralstem president and chief executive Richard Garr, adding: "The single exception to this strategy is the Japanese market, where we are aggressively seeking an early-stage development and licensing partner. We look forward to working with Sumitomo to achieve this end."