Array BioPharma Inc. (Nasdaq: ARRY) and VentiRx Pharmaceuticals Inc. have entered into a license agreement granting VentiRx exclusive worldwide rights to Array's Toll-like receptor (TLR) program.
According to Michael Kamdar, Executive Vice President and Chief Business Officer at VentiRx:
"These novel small molecule compounds from Array represent a significant opportunity for VentiRx and are ideally suited for our core competencies. This licensing agreement, coupled with our $28.9 million financing, puts us in a strong position to develop novel TLR-based therapeutics."
Array BioPharma’s Toll-like receptor (TLR) program contains a number of development candidates targeting TLRs to activate innate immunity.
While the fiinancial terms of the agreement were not disclosed, it was disclosed that Array will receive an equity stake in VentiRx as well as an upfront payment, potential milestone payments and royalties on product sales.
In addition, Array retains the option to acquire a 50% ownership position in all VentiRx clinical oncology products developed under this agreement.
Read the full press release.
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