LUND, Sweden, Feb. 21, 2019 /PRNewswire/ -- NeuroVive Pharmaceutical AB (Nasdaq Stockholm: NVP, OTCQX: NEVPF) today announced that the company has entered into an exclusive agreement to license and supply two of its first generation of succinate/malonate prodrugs as research tool compounds to Oroboros Instruments, a global supplier of mitochondrial research technologies.
NeuroVive have agreed to provide, at scale, two research compounds, originating from its NVP015 program, on an exclusive basis to Oroboros. Depending on bulk quantities supplied, the agreement has the potential to generate revenue to NeuroVive in the range of €10,000-50,000 per annum. Oroboros will commercialize and distribute the compounds after completed internal evaluation. Oroboros Instruments are world leading in the development and supply of analytical instrumentation and reagents for use in mitochondrial biology and mitochondrial medicine research and development.
Eskil Elmér, CSO NeuroVive commented "We are excited to be able to supply compounds from our succinate prodrug family designated exclusively for research use to the scientific community. Oroboros Instruments is the perfect partner to reach thousands of scientists in the field. These cell permeable compounds, that can stimulate and inhibit Complex II of the respiratory electron transfer system in intact cells, will expand the tool box for evaluating the role of mitochondria in disease. NeuroVive revenues will be modest but the primary value is that this is part of our mission to promote the development of mitochondrial medicine research."
The information was submitted for publication, through the agency of the contact person set out below, at 08:30 a.m. CET on 21 February 2019.
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CFO, IR & Communications
NeuroVive Pharmaceutical AB (publ)
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NeuroVive Pharmaceutical AB is a leader in mitochondrial medicine, with one project in clinical phase II development for the prevention of moderate to severe traumatic brain injury (NeuroSTAT®) and one project in clinical phase I (KL1333) for genetic mitochondrial diseases. The R&D portfolio also consists of projects for genetic mitochondrial disorders, cancer and NASH. The company advances drugs for rare diseases through clinical development into the market. For projects for common indications the goal is out-licensing in the preclinical phase. A subset of compounds under NeuroVive's NVP015 program has been licenced to Fortify Therapeutics, a BridgeBio company, for local treatment development of Leber's Hereditary Optic Neuropathy (LHON). NeuroVive is listed on Nasdaq Stockholm, Sweden (ticker: NVP). The share is also traded on the OTCQX Best Market in the US (OTC: NEVPF).
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NeuroVive enters commercial partnership with Oroboros Instruments on mitochondrial medicine research compounds
SOURCE NeuroVive Pharmaceutical