Nuevolution Announces Further Technology Access Fee Payment from Its Drug Discovery Collaboration with Johnson & Johnson Innovation
Stockholm, 20 April, 2016. Nuevolution AB (publ) today announced that Janssen Biotech, Inc. (Janssen), one of the Pharmaceutical Companies of Johnson & Johnson, has used its option to expand the collaboration with Nuevolution, thereby providing Nuevolution with a further payment of 600,000 USD.
Nuevolution A/S and Janssen Biotech entered into collaboration on 19 October, 2015 for application of Nuevolution’s proprietary Chemetics® drug discovery platform against biological disease targets of interest to Janssen Biotech. The collaboration was facilitated by Johnson & Johnson Innovation, in partnership with Janssen Discovery Sciences.
Under the terms of the collaboration agreement, the expansion of the collaboration to include one or more further targets entitles Nuevolution to receive a further upfront access fee payment and research funding on a per target basis. In addition, Nuevolution will be eligible to receive milestone payments if specified research, development and commercial milestones are achieved. If products are commercialized as a result of the collaboration, Nuevolution will also be entitled to receive certain royalty payments on net-sale of those products.
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 7020 0987
Henrik D. Simonsen, CFO
Phone: +45 3913 0947
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, headquartered in Copenhagen, Denmark. Nuevolution partners its proprietary discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment options. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.
Nuevolution AB (publ) is required to disclose the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was sent for publication on Wednesday 20 April 2016, 9:00 (CET).
Nuevolution AB (publ) is listed at Nasdaq First North Premier in Stockholm, Sweden (ticker: NUE). Västra Hamnen Corporate Finance AB acts as Certified Adviser to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com