Kineta Acquires Novel Drug Candidates from Airmid for Potential Treatment of Multiple Sclerosis,
Posted Nov 17 2009 10:20pm
July 07, 2009
Kineta Acquires Novel Drug Candidates from Airmid for Potential Treatment of Multiple Sclerosis, Type 1 Diabetes and other Autoimmune Diseases
First Drug Derivative of Caribbean Sea Anemone Peptide Scheduled for Clinical Trials in 2010
SEATTLE--( BUSINESS WIRE )--Kineta, Inc. of Seattle and Airmid Incorporated of Redwood City, CA jointly announce an agreement in which a Kineta subsidiary has acquired exclusive commercial rights to a portfolio of novel therapeutic compounds from Airmid. The array of compounds holds extraordinary potential for the treatment of multiple sclerosis, type 1 diabetes mellitus and numerous other autoimmune diseases.
“This transaction is a significant milestone for Airmid. It places our peptidic Kv1.3 blockers into the very capable hands of Kineta’s drug development team, sets Airmid on a path to provide substantial return-on-investment for our shareholders, and provides funding to enhance the value of Airmid’s retained assets,” said George Miljanich, Ph.D., CEO of Airmid. Under the terms of the deal, Airmid will receive upfront payments, development, regulatory and commercial milestones as well as sales royalties.
Airmid founder, K. George Chandy, MD, Ph.D., also applauded the announcement: “Kineta possesses both the scientific capacity and the track record of success necessary to advance these promising therapeutics toward the goal of conquering multiple devastating autoimmune diseases.”
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