Saniona AB (STO:SANION), a biotechnology company within ion-channel research, announced on Thursday the entering into a one -year option agreement with biotechnology company Initiator Pharma A/S, under which Initiator Pharma obtains the right to acquire the AN788 programme under certain conditions.

Reportedly, Saniona acquired AN788 from NeuroSearch in 2012. The compound was at that time positioned for development in anxiety and depression disorders, which is outside Saniona's current strategic focus.

AN788 was developed on the same technology platform as Initiator Pharma's other three preclinical and clinical assets and the programme seems to fit well with Initiator Pharma's pipeline and plans.

This agreement between Initiator Pharma and Saniona involves no upfront and milestone payments. Saniona may receive up to 20% of future payments to Initiator Pharma in relation to AN788 and single digit royalties on products sales.

Saniona is a research and development company focused on drugs for diseases of the central nervous system, autoimmune diseases, metabolic diseases and treatment of pain.