NeuroSearch A/S signs agreement to transfer Phase I-II projects NS2359 and NS2330 (Tesofensine)
29 October 2014
NeuroSearch A/S has signed an agreement with Saniona ApS for the transfer of its rights to the development candidates NS2359 and NS2330 (tesofensine).
NeuroSearch has for several years worked to raise capital for the further development of these two development candidates, or as an alternative to enter into agreements with third parties for the further development of the projects. None of these have led to any result and therefore it has now been decided to transfer the rights to NS2359 and NS2330 to Saniona. Under the agreement, Saniona assumes the costs of maintaining the partially intertwined patent rights to NS2359 and NS2330. NeuroSearch will not receive any cash or any other consideration in connection with the signing of the agreement, but under the agreement with Saniona, NeuroSearch is entitled to up to 20% of any milestones and royalties that Saniona may obtain in connection with the further development of NS2359 and NS2330 as well as of any potential drugs based on NS2359 or NS2330 that may reach the market.
Outlook for 2014
The contents of this company announcement does not affect the previously released guidance for 2014 of an operating loss of approximately DKK 15 million.
Allan Andersen, CEO, mobile +45 4016 3864.
NeuroSearch A/S (NEUR) is listed on NASDAQ OMX Copenhagen A/S.