Sprint Bioscience Enters into Collaboration with US Drug Development Company on Tumor Metabolism Program
STOCKHOLM--(BUSINESS WIRE)--
Sprint Bioscience AB (publ) (Sprint Bioscience) (SPRINT.ST) and a US drug development company (Company) have entered into a collaboration and license agreement for the research, development, and commercialization of Sprint Bioscience’s PIP4K2a program targeting tumor metabolism.
Under the agreement, Sprint Bioscience licenses a PIP4k2a inhibitor program targeting tumor metabolism to the Company. Subsequently, the Company will have full control over further development and worldwide commercialization rights for potential cancer therapeutics and diagnostics. “We are really happy to have closed a deal with a company with world leading expertise in tumor metabolism biology. It will increase the chances to develop a drug to the benefit for cancer patients.”, said Dr Anders Åberg, CEO of Sprint Bioscience.
As a result of a tumor’s uncontrolled growth, cancer cells exhibit an altered metabolism (tumor metabolism) and thereby are often resistant to conventional radiation- and chemotherapy. Sprint Bioscience has developed molecules inhibiting PIP4K2a, an enzyme involved in regulation of cellular metabolism. Such inhibitors can potentially be developed into new effective anti-cancer treatments by selectively affecting the growth and survival of cancer cells.
Sprint Bioscience is eligible to receive up to approximately 240 Million USD in potential preclinical, clinical and net sales based milestone payments, including a 3 Million USD upfront payment from Company upon signing of the agreement. Furthermore, Sprint Bioscience will in addition receive one-year research funding corresponding to four FTEs with the option of a two times six months’ extension. Sprint Bioscience is also eligible to receive royalties on worldwide net sales of any resulting products under the collaboration.
About Sprint Bioscience
Sprint Bioscience AB (publ) is part of the new Swedish pharmaceutical industry and has the goal to develop drug candidates for the global pharmaceutical market within the field of oncology in a more time- and resource-efficient manner. Sprint Bioscience is situated in Stockholm, Sweden. Sprint Bioscience share is listed on NASDAQ First North Premier and traded under the name SPRINT.
Additional information is available on the company website; www.sprintbioscience.com.
Certified Advisor is Erik Penser Bank, www.penser.se.
This information is information that Sprint Bioscience AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:30 (CEST) on July 7, 2016.
Sprint Bioscience ¦ Novum¦141 57 Huddinge ¦ Sweden ¦ 46-(0)8-411 44 55 ¦info@sprintbioscience.com
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