FP01, licensed from the Johns Hopkins University, is an oral drug product in use for another disease that has been administered chronically to more than 4.5 million patients worldwide.
Given its mechanism of action, FP01 as currently used is notable for its lack of side effects and minimal abuse potential, issues that plague medicines currently available for treating cough.
Under the pact, after an upfront payment, additional consideration is to be paid to Fells upon milestone achievement.
Management anticipates filing an investigational new drug application at year-end 2011 and preparing a 505(b)2 submission for the product to the FDA within the next 36 months.
The principals of Fells, Blake Paterson and Mark Ginski, have joined Cerecor as founding officers.
Blake Paterson, CEO of Cerecor, said: â€œThis is the first leg of Cerecor's fast track to become an operating pharmaceutical company that is focused on the discovery, development and commercialization of prescription pharmaceuticals whose primary activity is in the human brain.â€
â€œBy means of this acquisition, Cerecor possesses the exclusive worldwide rights to develop and market FP01 in cough, and itself owns most of the formulation and combination IP.â€
Mr Ginski said: â€œOur intellectual property portfolio consists of four patent applications which cover cough method-of-use, in addition to synergistic combinations and cough formulations of FP01 that enable its utility in cough and provide the opportunity to build a patented portfolio of new cough and cold products.â€
Will the acquisition benefit Cerecor?
Have your say and discuss with your peers on the InfoGrok community.
Participate by posting your comments now.