Sprint Bioscience and the US drug development company Petra Pharma Corporation 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 US company. Subsequently, the US 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. ”Dr Anders Åberg, CEO of Sprint Bioscience.
Up to about $240 million in milestone payment
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 the US 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.