Cyxone strengthens its market position through the acquisition of patent portfolio
Today, Cyxone announce that they will acquire the entire family of patents protecting the Company's main candidate T20K, from the Medical University of Vienna. The cost of € 100,930 includes VAT and corresponds to the costs of the patenting process.
The cyclotide based lead candidate was licensed in 2015, through the holding company Accequa, to technically verify performance before a full acquisition. In line with Cyxone's requirements, T20K has demonstrated significant beneficial qualities - such as low toxicity and a large interval between the effective dose and the dose that can cause toxic effects in animals - that form the basis of today's announcement.
"T20K has, to date, shown significant potential to become a competitive Multiple Sclerosis drug with minor side effects. It is therefore with great pleasure we announce the decision to obtain complete control over our lead candidate in line with our strategy. This acquisition establishes security for the company's overall development program for cyclotides and security for our shareholders", remarks Cyxone's CEO, Kjell G Stenberg.
Multiple sclerosis is a global disease, and the company has applied for patent protection of T20K in key markets. The patent portfolio includes a patent recently approved in the United States and several international patent applications, which are under review.
"This acquisition is important for strategic partnership negotiations that are planned to follow the completion of preclinical and Phase I clinical studies with T20K. Ownership of the patent rights will facilitate negotiations with potential buyers, strengthen the value of the company's technology and facilitate defense of the cyclotide technology from patent infringement by potential competitors " adds Cyxone's chairman, Bert Junno.
Cyxone intends to complete the transaction with the Medical University of Vienna in the first quarter of 2017.
2016-12-21
Contact
Cyxone AB (publ)
Kjell G. Stenberg, CEO
Tel: 070-716 80 09
E-mail: kjell.g.stenberg@cyxone.com
Adelgatan 21
221 22 Malmö
www.cyxone.com
This is information which Cyxone AB (publ) is required to publish under the EU Market Abuse Regulation. The information was provided by the auspices of the above contact person for publication on December 19, 2016 at. 09:25 CET.
About Cyxone
Cyxone AB (publ) is a biopharmaceutical company developing drugs based on cyclotides, a class of natural plant proteins. Cyclotide technology has the potential to provide new drugs offering beneficial pharmacological effects for diseases that currently lack effective and safe treatments. The company is focusing on the development of T20K, a substance which inhibits key processes in cells that are typically associated with various immune disorders, such as multiple sclerosis and rheumatoid arthritis. Cyxones Certified Adviser on Nasdaq First North is Erik Penser Bank.