Intellect Neurosciences Inc. (fka ILNS)

[bioguru]

VIROPHARMA 10Q- ROYALTY INFO MENTIONING ILNS



VP20629- On September 30, 2011, we entered into a license agreement for the
worldwide rights of Intellect Neurosciences, Inc. (INS) to its clinical stage
drug candidate, VP20629, being developed for the treatment of Friedreich's
Ataxia (FA), a rare, hereditary, progressive neurodegenerative disease. We
expect to initiate a phase 1 study by the end of the first half of 2013. We
intend to file for Orphan Drug Designation upon review of the phase 2 proof of
concept data. Under the terms of the agreement, we have exclusive worldwide
rights to develop and commercialize VP20629 for the treatment, management or
prevention of any disease or condition covered by Intellect's patents. We paid
INS a $6.5 million up-front licensing fee and may pay additional milestones up
to $120 million based upon defined events. We will also pay a tiered royalty of
up to a maximum percentage of low teens, based on annual net sales. We are
solely responsible for the costs of VP20629 development.