Biotechnology company Saniona AB (STO:SANION) announced on Monday that Luc Therapeutics, its collaboration partner and a private biotechnology company, has initiated preclinical development for the drug candidate CAD-1883 for ataxia.

The company said Luc Therapeutics has initiated the pre-clinical development with the aim of initiating Phase 1 first man clinical studies in 2018.

Also, Luc Therapeutics will be responsible for further development of compounds identified under the Ataxia programme.

Apart from being a shareholder of Luc Therapeutics, Saniona has rights to royalties on products commercialised by Luc Therapeutics under the Ataxia programme.

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.