Innovation Pharmaceuticals Inc (IPIX)

[sox040713]

If a pre-clinical compound for UC can get $50M upfront, B-UP should be able to get at least $100M.

Protagonist Therapeutics Enters into Worldwide Agreement with Janssen to Co-Develop and Commercialize PTG-200 for Inflammatory Bowel Disease

- Protagonist grants Janssen exclusive, worldwide rights to PTG-200, a first-in-class oral peptide IL-23 receptor antagonist currently in pre-clinical development

- Protagonist to receive a $50 million upfront payment and potentially up to an additional $940 million in development and sales milestones; double-digit tiered royalties on net sales

- Protagonist and Janssen to co-fund development through Phase 2; Protagonist retains option to co-detail U.S. prescribers

Protagonist Therapeutics and Janssen will jointly conduct the development of PTG-200 through Phase 2 clinical proof-of-concept in Crohn's disease, after which time Janssen will be responsible for development and commercialization. Per the terms of the agreement, Protagonist will have the right to co-detail PTG-200 in the United States.

http://www.prnewswire.com/news-releases/prota...65102.html