NYC Healthcare News

Academic scientist receives $125,000 from ADDF/LBDA program to study LBD

September 09, 2015

KIACTA(TM) partnership

On April 29, 2010, the Company entered into a final agreement pursuant to which Celtic Therapeutics acquired and licensed worldwide rights related to the Phase III investigational product candidate KIACTA(TM) (eprodisate) for upfront payments of US$10 million and will fund 100% of KIACTA(TM)'s development costs through its confirmatory Phase III clinical study and other development activities. The upfront consideration is to be paid in two instalments, with US$5 million having been paid on the closing of the transaction and the remaining US$5 million payable on the sixth month anniversary of the closing date. Celtic Therapeutics will complete the Phase III study and all other requirements for KIACTA(TM)'s regulatory approval. Celtic Therapeutics will also conduct an auction process for the commercialization rights of KIACTA(TM). The overall proceeds of the auction process are expected to be shared equally between Celtic Therapeutics and the Company.

NC-503 diabetes program

During the first quarter of 2010, the Phase II clinical trial investigating the efficacy of NC-503 (eprodisate) for the treatment of Type II diabetes and certain features of metabolic syndrome concluded. On May 4, 2010, the Company announced its decision to discontinue the NC-503 (eprodisate) diabetes development program due to lack of efficacy in the Phase II clinical trial, which will enable the Company to focus its resources on other promising projects.

Going Concern

As a result of the signing of an agreement with Celtic Therapeutics on KIACTA(TM), management is of the view that the going concern risk disclosed in previous periods has been reduced for the next twelve months.