EDINBURGH, Scotland--(BUSINESS WIRE)--Pheno Therapeutics Limited., a biotechnology company focused on the discovery and development of small molecule therapeutics that promote remyelination for the treatment of neurological diseases such as multiple sclerosis, announced today it has entered into an exclusive worldwide license agreement with UCB. The agreement grants Pheno Therapeutics access and rights to develop, manufacture and commercialize a preclinical-stage program of novel small molecules designed to promote remyelination.
“Pheno Therapeutics utilized its proprietary human phenotypic screening platform to discover novel and tractable therapeutic targets to modulate oligodendrocyte biology and promote remyelination. This license allows us to accelerate a promising drug target towards clinical development,” said Fraser Murray, PhD., Chief Executive Officer of Pheno Therapeutics. “Together with our human neurological drug development expertise, there is significant opportunity for Pheno Therapeutics to fast-track this program towards clinical proof-of-concept studies and potentially deliver transformational drugs for the treatment of demyelination diseases.”
“License agreements like this are a demonstration of the value UCB scientists and our partners are creating through strong research productivity, and we are confident that Pheno Therapeutics, with its expertise in phenotypic screening, stem cell technology and myelin biology, will develop this preclinical program to its full potential,” said Dhaval Patel, Executive Vice President and UCB’s Chief Scientific Officer.
Pheno Therapeutics will make a one-time upfront payment and will be responsible for development, manufacturing and global commercialization. UCB will receive milestones and tiered royalties on net sales. Further financial details of the agreement were not disclosed.
ENDS
