Adolor Acquires Rights to Clinical-Stage Product Candidate from Eli Lilly and Company
Press Release
Source: Adolor Corporation
On Monday September 21, 2009, 4:30 pm EDT
Companies:Adolor Corp.
EXTON, Pa.--(BUSINESS WIRE)--Adolor Corporation (NasdaqGM:ADLR - News) today announced that it has acquired from Eli Lilly and Company (“Lilly”) the exclusive worldwide rights to OpRA III, a clinical-stage product candidate.
OpRA III is a potent opioid receptor antagonist, with potential use in multiple therapeutic indications. Adolor intends to initially develop OpRA III to treat opioid bowel dysfunction (OBD) and will initiate clinical trials of this compound for this indication in early 2010. This compound will be developed in parallel with ADL7445 as part of the Company’s OBD Program. Moving forward, OpRA III will be identified as ADL5945.
“OpRA III has a unique profile with the potential to address the gastrointestinal disorders associated with the use of opioid analgesics,” said Michael R. Dougherty, President and Chief Executive Officer of Adolor. “Adolor has a wealth of experience in this therapeutic area and the addition of OpRA III to our OBD portfolio provides us with another clinical-stage compound with which we can potentially address a large and underserved market.”
Lilly has completed both a Phase 1 single, escalating dose placebo-controlled safety study and a Phase 1 multiple, escalating dose placebo-controlled safety study in healthy volunteers for OpRA III.
Financial terms of the agreement include an upfront payment of $2 million to Lilly, royalties on net sales of any approved product and up to approximately $70 million in milestones contingent upon achievement of pre-defined, late-stage clinical and regulatory events and achievement of certain sales targets.
surf's up......crikey
