Chroma signs cancer collaboration with Cell Therapeutics
Oxford/Seattle – British Chroma Therapeutics Ltd has licensed co-development and marketing rights for its oral cancer drug candidate tosedostat to US-based Cell Therapeutics Inc. According to the agreement, Cell Therapeutics will pay an upfront fee of US$5m and a milestone of US$5m when the M1/17 aminopeptidase blocker, which is currently in phase II as treatment for elderly patients with relapsed or refractory acute myeloid leukemia (“AML”), reaches the pivotal phase III stage expected in Q4/2011. Cell Therapeutics will fund three quarters of the development costs, projected at US$50m for tosedostat, which has obtained US and EU Orphan drug status. In exchange, the company will get exclusive marketing and co-development rights in North, Central and South America. The agreement also includes customary development-based milestone payments related to AML, myelodysplastic syndrome and certain other indications, as well as royalties on net sales in Cell Therapeutic’s territories.