Therapy Areas: Inflammatory Diseases
Artelo to Evaluate Neomed's NEO1940 as Anti-cancer and Supportive Care Treatment
1 February 2018 - - San Diego, California-based biopharmaceutical company Artelo Biosciences, Inc. (OTCBB: ARTL) has entered into an exclusive global option and license agreement with the Montreal, Canada-based not-for-profit R and D organization Neomed Institute for its proprietary therapeutic compound, NEO1940, the company said.
The two companies will collaborate to advance NEO1940 as an anti-cancer therapeutic as well as a treatment for cancer patients suffering from anorexia/weight loss.
Under the terms of the agreement, Artelo has obtained a 12-month option period to evaluate the anti-cancer potential of NEO1940, with the right to exercise an exclusive worldwide license to develop and commercialize NEO1940 as a therapeutic for cancer patients as well as a multi-modal supportive care treatment for cancer patients suffering from anorexia/weight loss.
Neomed in return has been issued 120,000 shares of Artelo common stock and will be eligible to receive quarterly payments up to a total of USD 200,000.
Upon exercise of the license Neomed will receive from Artelo additional shares, milestone payments up to a total of USD 202 m and commercial royalties on future sales.
The NEO1940 program, is a clinic ready, potent, peripherally restricted CB1/CB2 synthetic agonist, originally developed as a novel analgesic for the treatment of pain.
Artelo Biosciences is dedicated to the development and commercialization of proprietary endocannabinoid-modulating therapeutics designed to address significant unmet needs in multiple diseases and conditions, including cancer, pain, and inflammation.
The Neomed Institute's mission is to enable and accelerate the commercialization of Canadian life science discoveries.
The institute operates two complementary and integrated divisions, Neomed Therapeutics, which in-licenses scientific discoveries from Canadian academic centers and research institutes and then funds and develops these programmes, and the Neomed Innovation Center, which operates a life sciences ecosystem in Montreal, Quebec to provide an enabling environment for biotechnology and contract research organizations to establish, grow and prosper.