Asterand, Inc. Licenses Potential Migraine Compound
DETROIT, Jan. 30 /PRNewswire/ -- Asterand plc announced that it has entered into an exclusive license agreement with BTG plc , the UK based medical innovations company whereby BTG acquires the rights to a series of compounds discovered and developed by Asterand to treat painful conditions such as migraine headache.
BTG plans to advance the development of a molecule known as BGC20-1531 into clinical trials and will continue the evaluation of this and other molecules for other therapeutic indications.
BTG will pay Asterand an undisclosed down payment as well as success-based development milestones and royalties.
Randal Charlton, Chief Executive Officer of Asterand plc said: "Following the completion of our recent merger with Pharmagene, Asterand is seeking to realize the value of Pharmagene's therapeutics portfolio. The enlarged Asterand will continue to focus on providing human tissue based research services. We believe BTG has the necessary resources and expertise to exploit the value of the compounds for the benefit of both companies."
Commenting on the acquisition, BTG's CEO Louise Makin said: "These compounds represent a valuable addition to our growing drug development portfolio at BTG. Effective and safe treatments for pain remain an area of significant unmet need and is an area in which we are building our portfolio."
About BTG
BTG acquires rights to early stage pharmaceuticals and other medical technologies from a global network of corporations, universities and research institutions. We apply resources, including finance, intellectual property and project management skills to fund and manage outsourced preclinical and clinical development programs. We then commercialize the technologies by licensing to pharmaceutical or device companies, or by creating companies to exploit them. Our pipeline comprises around 50 assets at varying stages of development, contributing to an increasing range of products marketed by our licensees. BTG operates from London, Philadelphia and Osaka. For further information, visit http://www.btgplc.com .
About Asterand
Asterand plc, formed by the merger of Pharmagene plc and Asterand, Inc. is a leading supplier of high quality human tissue and tissue-based services. Our comprehensive approach to human tissue and research services offers drug discovery companies the unique opportunity to have one company meet all of their human biomaterial needs along the continuum of drug discovery. Our mission is to accelerate target discovery and validation, leading to new and improved therapeutics.
http://www.asterand.com Contacts: Asterand Randal Charlton, Chief Executive Officer Ronald Openshaw, Chief Financial Officer Asterand plc +44 (0)1763 211600 BTG Andy Burrows, Director of Investor Relations +44 (0)20 7575 1741
Asterand plcCONTACT: Randal Charlton, Chief Executive Officer, or Ronald Openshaw,Chief Financial Officer, of Asterand plc, +44 (0)1763 211600; or AndyBurrows, Director of Investor Relations of BTG, +44 (0)20 7575 1741