ViroPharma pays Intellect Neurosciences $6.5 million for drug molecule rights

[midnight]

Source: The Associated Press

Biotechnology company ViroPharma Inc. said Friday it paid $6.5 million to acquire rights from Intellect Neurosciences Inc. to a potential drug being developed as a treatment for a rare hereditary disease that damages the nervous system.

ViroPharma, based in Exton, Pa., said the deal also includes potential milestone payments that could total $120 million and royalty payments based on sales, if the drug is eventually approved.

Intellect Neurosciences, which is based in New York, agreed to transfer to ViroPharma all of its intellectual property rights and data to its research-and-development program for the potential drug, labeled OX1.

OX1 is being developed to treat Friedreich's Ataxia, a rare disease for which there are no treatments approved by the Food and Drug Administration. The disease is caused by a gene mutation and can lead to nervous system damage that results in symptoms like speech problems.


Read more: http://www.therepublic.com/view/story/b8f66778a1f24dd095cbbc98090a5032/US-ViroPharma-Intellect-Neurosciences/

[Lance_Boyle]

1. If approved, dose 1 starts at $20,000,000. nt