Commonwealth Biotechnologies licenses cardiovascular peptide technologies to Prism Pharma

By Ted A. Knutson

Washington, Jan. 5 - Commonwealth Biotechnologies, Inc. said it has entered into an exclusive, worldwide license agreement with Prism Pharmaceuticals Inc. to develop, manufacture and commercialize Commonwealth's helix-based peptide technologies. This series of compounds is under investigation for the treatment of acute care cardiovascular indications.

"We are pleased to partner with a company with the extensive cardiovascular experience required to rapidly advance our technology through the clinical development and regulatory process, and manage the eventual manufacturing and commercialization," said Robert B. Harris, president and chief executive officer of Commonwealth, in a news release.

Under the terms of the agreement, Prism will pay to Commonwealth a nominal signing fee, milestone payments against product approvals, and royalties from net product sales. Milestone payments for Food and Drug Administration and Department of Agriculture approvals include $5 million for first approved use, $2.5 million for the second approved use and $1.25 million for the third approved use.

Further, at its discretion, Prism will contract with Commonwealth to facilitate testing and related activities in support of the Investigational New Drug Application.

Commonwealth is a Richmond, Va.-based biotechnology company.

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