Clinical stage biotech company Cereno Scientific AB (Spotlight:CRNOB) has signed an option agreement with the University of Michigan for the exclusive rights to evaluate the market potential for a preclinical drug candidate in cardiovascular diseases, the company revealed on Friday.

This agreement grants Cereno the rights to evaluate the drug candidate in a preclinical development programme over a period of up to 27 months. If the evaluation is successful, Cereno can exclusively inlicense the drug for further clinical development and commercialisation.

Other terms of the option agreement were not disclosed.