Umecrine Cognition, a Karolinska Development portfolio company, today announced that the company has entered into a partnering agreement with CleveXel Pharma regarding the development of its lead program in hepatic encephalopathy.
According to the agreement, CleveXel Pharma will co-fund the development of Umecrine Cognition’s lead program in hepatic encephalopathy through investments in shares in the company. Umecrine Cognition will use the proceeds for payments for services that CleveXel provides for the preclinical and clinical development through to proof-of-concept. If the whole program is executed CleveXel will hold up to 15 percent of the shares in Umecrine Cognition by mid-year 2014.
Magnus Doverskog, CEO of Umecrine Cognition said: “The collaboration with CleveXel will enable Umecrine Cognition to speed up the preparation for clinical development of its innovative lead program in hepatic encephalopathy. We look forward to a fruitful collaboration with the scientists at CleveXel.”
“We are excited to be entering this collaboration around a potential first-in-class product in an indication with a clear unmet medical need”, said Christian Bloy, CEO of CleveXel Pharma. “Our priority is bringing new and effective treatments to patients. Clevexel’s experienced drug development team looks forward to working closely with Umecrine Cognition in this exciting development program.”