WPD Pharmaceuticals Partners With CNS Pharmaceuticals on Drug Development for Coronavirus & Other Antiviral Indications
WPD Pharmaceuticals Inc. recently announced it has entered into a development agreement with CNS Pharmaceuticals, Inc. for the development of several preclinical drug candidates, including WP1122, which will be tested on a range of viruses, including the coronavirus SARS-CoV-2.
WPD has licensed rights to a portfolio of drug candidates, including WP1122, through its license partner, Moleculin Biotech, Inc. Recently, Moleculin entered into an agreement with a leading government funded research facility in the US to conduct research on its patented portfolio of molecular inhibitors, including drug candidate, WP1122, for antiviral properties against a range of viruses, including Coronavirus. WP1122 is a prodrug of 2-DG (2-deoxy-D-glucose) that, based on recently developed preclinical data, appears to overcome 2-DG’s lack of drug-like properties and is able to significantly improve tissue/organ concentration.
Under the CNS Agreement, WPD will receive a portion of the development costs from CNS for WP1122 and other drug candidates for antiviral indications, and CNS will receive certain economic rights. WPD received an upfront cash payment from of $225,000, and CNS has committed to a milestone payment of $775,000 upon the successful completion of a Phase 2 study. In return for the funding, CNS is entitled to receive 50% of the net sales of resulting commercial products in WPD’s 31 licensed territories, but Poland may become exempted from the list on certain milestones being achieved. Those 31 territories include countries in Europe and Asia, and include Russia.
Mariusz Olejniczak, CEO of WPD, commented “We look forward to partnering with CNS through this Agreement for the development of antiviral drug candidates, including WP1122. We are grateful to be able to join forces with them and help the urgent fight against deadly viral infections such as the coronavirus that causes Covid-19.”
The company also announces it has retained 1157667 BC Ltd. as corporate advisors and has granted them 500,000 options at $0.86.
WPD is a biotechnology research and development company with a focus on oncology, namely research and development of medicinal products involving biological compounds and small molecules. WPD has 10 novel drug candidates with four that are in clinical development stage. These drug candidates were researched at institutions including the Mayo Clinic and Emory University, and WPD currently has ongoing collaborations with Wake Forest University and leading hospitals and academic centers in Poland.
WPD has entered into license agreements with Wake Forest University Health Sciences and sublicense agreements with Moleculin Biotech, Inc. and CNS Pharmaceuticals, Inc., respectively, each of which grant WPD an exclusive, royalty-bearing sublicense to certain technologies of the licensor. Such agreements provide WPD with certain research, development, manufacturing, and sales rights, among other things. The sublicense territory from CNS Pharmaceuticals and Moleculin Biotech includes 31 countries in Europe and Asia, including Russia.
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