(Alliance News) - Faron Pharmaceuticals Oy on Monday said it has acquired rights for the potential use of AOC3 inhibitors, covered by a recently-filed patent application.
No financial details of the deal were disclosed.
The AOC3 antagonist platform technology is known to produce hydrogen peroxide, a potent inflammatory mediator. Pre-clinical studies with humanised AOC3 mice and with ex vivo human cells are currently ongoing, Faron said.
The clinical stage biopharmaceutical company said it will be responsible for the management, prosecution and maintenance of any patent applications, as well as for the filing of new patent applications for the AOC3 protein inhibitor.
Faron will also be responsible for the future development of AOC3, it said.
Under the terms of the agreement, the AOC3 inventors are eligible to receive low single-digit royalties of net revenue of products associated with AOC3 and a low single-digit percentage of payments to Faron, in the event of a third party license being entered into in respect of AOC3.
AIM-listed Faron shares were trading 6.3% higher in London on Monday at 348.25 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Faron Pharma (FARN)