Archemix Corp. and Nuvelo, Inc. (Nasdaq: NUVO) have expanded their collaboration agreement. Replacing the 50/50 collaboration, under the new agreement, Archemix will be responsible for the discovery of short-acting aptamers targeting the coagulation cascade for use in acute cardiovascular procedures while Nuvelo will be responsible for the development and worldwide commercialization of these aptamers.
Also, Nuvelo has designated NU172 (ARC2172), a short-acting, direct thrombin inhibiting aptamer, as a development candidate.
The new collaboration agreement includes the following terms:
- Nuvelo will make an initial upfront payment to Archemix of $4.0 million and, under certain circumstances may invest up to $10.0 million in Archemix's common stock upon an initial public offering.
- Nuvelo will also fund Archemix research inthe area of short-acting aptamers for the next three years at a minimum of $5.25 million.
- Archemix may receive payments totaling up to $35.0 million per development compound on the achievement of specified development and regulatory milestones, along with potential royalty payments based on sales of licensed compounds.
- Upon inititation of the first Phase 3 study for any licensed compound, Archemix has the option to elect to participate in profits from sales of the compound by funding its pro rata share of prior and future product development and commercialization expenses, in lieu of receiving milestone payments and royalties with respect to that compound.
Read more details of the collaboration at the full press release.
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