Date: 2016-10-25
Type of information: Termination of an agreement
Compound:
Company: NeuroVive Pharmaceutical (Sweden) Hospices Civils de Lyon (France)
Therapeutic area: Cardiovascular diseases - Cerebrovascular diseases
Type agreement: termination of an agreement
Action mechanism:
Disease:
Details: * On April 20, 2015, NeuroVive Pharmaceutical, the mitochondrial medicine company, has established a subsidiary in Lyon, France. The establishment is part of a process of extending its ongoing collaboration with Hospices Civils de Lyon (HCL) and Professor Michel Ovize (the OPeRa program) to include drug development for the treatment of stroke. The creation of a legal entity in France also coincides with preparations for the potential commercialization of the company’s product CicloMulsion®. NeuroVive is party to an ongoing collaboration with Hospices Civils de Lyon (HCL) and Professor Michel Ovize (the OPeRa program), which has focused on cardiovascular disease to date. The establishment of a French subsidiary, NeuroVive France, increases NeuroVive’s presence in the country while simultaneously extending the partnership with HCL to include drug development for the treatment of stroke. The extended collaboration gives NeuroVive unique access to models for pre-clinical testing of new drug candidates as well as competencies in various types of reperfusion injury that are key clinical problems in acute medical conditions such as myocardial infarct and stroke. NeuroVive also stands to benefit from this expertise within the framework of its recently announced collaboration with Isomerase Therapeutics on the development of the NVP014 project, which now becomes closely linked with the extended partnership with HCL. The establishment of a French subsidiary enables NeuroVive to participate as an industrial partner in applications for national funding in France (RHU grants). An application for close to € 10 m in funding during a five-year period which includes NeuroVive alongside HCL and other industrial partners has already been submitted. NeuroVive expects the outcome of the application to be announced during the fall. There is a risk that the application can be dismissed and that the consortium does not receive any funding. At present, NeuroVive employs one person on a consultancy basis in Lyon, who primarily handles contacts with HCL and the work associated with the CIRCUS study. Should funding be allocated, either from the current or future applications for national or international funds, NeuroVive intends to employ research staff on a project basis for the extended stroke program in order to complete pre-clinical and clinical trials. “The extended collaboration between NeuroVive and HCL to include drug development for the treatment of stroke gives us a great opportunity to benefit even more from on the resources and contact network we’ve gained access to through the OPeRa program. The timing of the establishment of our French subsidiary is also optimal considering NeuroVive’s French operations. The initial results from the CIRCUS study are expected in the third quarter 2015, and NeuroVive needs a French legal entity ahead of potential commercialization in France,” commented NeuroVive’s CEO Mikael Brönnegård.
Financial terms:
Latest news: * On October 25, 2016, NeuroVive Pharmaceutical announced that it has completed the closure of its dormant subsidiary in Lyon, France. The closure of the subsidiary NeuroVive France SARL is a natural consequence of the company’s previously communicated decision that it will not pursue development of CicloMulsion® . Accordingly, all agreements related to the research partnership with Hospices Civils de Lyon (HCL) and Professor Michel Ovize, including the OPeRa (Organ Protection & Replacement) have been terminated.
