NEW YORK, March 19, 2015 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO) announced today the execution of an exclusive license agreement with NeuPharma, Inc. to develop and commercialize novel irreversible, 3rd Generation EGFR inhibitors on a worldwide basis outside of certain Asian countries. The program is currently in pre-clinical development. Under the terms of the agreement, Coronado will pay NeuPharma an up-front licensing fee as well as make development and sales-based milestone payments and will pay a tiered single digit royalty on net sales.
Dr. Lindsay A. Rosenwald, Chairman and CEO stated, "Targeting EGFR mutations with 3rd generation covalently-bound inhibitors has demonstrated clear activity in patients with Non-Small Cell Lung Cancer (NSCLC) carrying specific EGFR mutations while avoiding the toxicity seen with first and second generation inhibitors that also target wild type EGFR, which typically results in dose limiting side effects such as diarrhea and rash. We believe the inhibitors developed by NeuPharma may have distinct advantages even over the current 3rd generation compounds in this class. NeuPharma has a portfolio of these inhibitors, the most advanced of which could reach the clinic in the first half of 2016." Dr. Rosenwald continued, "We are very excited to add this novel program to our growing portfolio. Since restructuring the Company a little over a year ago, our goal has been to build a diverse portfolio of subsidiary companies and product opportunities, and we believe this program adds another important piece to the overall business plan."
"We are very pleased to be collaborating with Coronado. This collaboration will greatly accelerate the global development and commercialization of our 3rd Generation EGFR inhibitors discovered using our structure-based drug design platform," stated Shawn Qian, Ph.D., President and CEO of NeuPharma.
NeuPharma is a biopharmaceutical company dedicated to research and development of innovative medicines for unmet medical needs. Through its proprietary drug discovery platform, NeuPharma is developing small molecule drugs for the treatment of cancers and neurodegenerative diseases. For more information, visit www.neupharma.com.
About Coronado Biosciences
Coronado Biosciences is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. As part of its growth strategy, the company is leveraging its biopharmaceutical business and drug development expertise to acquire rights to innovative pharmaceutical and biotechnology products and technologies, using a variety of approaches including, but not limited to, licensing, partnerships, joint ventures, and/or public and private spin-outs. For more information, visit www.coronadobiosciences.com.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; our dependence on third party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
CONTACT: Lucy Lu, MD, Executive Vice President & Chief Financial Officer Coronado Biosciences, Inc. 781-652-4525; firstname.lastname@example.orgSource:Coronado Biosciences, Inc.