Chimerix, Exclusive Licensee of Cantex' Lead Product DSTAT, has Announced Initiation of a Phase 2/3
Wednesday, April 29, 2020
Chimerix, Exclusive Licensee of Cantex' Lead Product DSTAT, has Announced Initiation of a Phase 2/3 Study of DSTAT, Formerly Known as CX-01, in Acute Lung Injury for Patients with Severe COVID-19
WESTON, Fla., April 29, 2020 /PRNewswire/ -- Cantex Pharmaceuticals, Inc., a clinical stage biopharmaceutical company developing proprietary pharmaceuticals for the treatment of cancer and other life-threatening diseases, today announced that Chimerix, Inc., to whom it licensed worldwide rights for the development and commercialization of its lead product, CX-01 (now known as DSTAT) has initiated a Phase 2/3 study of DSTAT in COVID-19 patients with acute lung injury (ALI). More detailed information can be found at https://ir.chimerix.com/news-releases/news-release-details/chimerix-announces-initiation-phase-23-study-dstat-acute-lung
Stephen G. Marcus, M.D., CEO of Cantex commented "We are very pleased that our ongoing collaboration under our license agreement with Chimerix has led to the initiation of this clinical trial. In the context of the Joint Development Committee established at the time of the license agreement, Cantex will continue to support the development of DSTAT for acute lung injury, acute myeloid leukemia, and other important indications".
Neil Flanzraich, Executive Chairman of Cantex further commented "The experience, knowledge and creativity of Cantex's management team has enabled us to identify and develop compounds with great therapeutic potential. We look forward to our continued collaboration with Chimerix for the further development of DSTAT."
As disclosed at the time of the license agreement in August 2019, Chimerix is responsible for, and bears the future costs of, worldwide development and commercialization of CX-01. To obtain the license rights, Chimerix made an upfront cash payment of $30.0 million and issued ten million shares of common stock to Cantex. The license agreement obligates Chimerix to pay Cantex milestone payments of up to $202.5 million upon receipt of product approvals in the United States, the European Union and Japan, and sales milestone payments of up to $385 million upon achievement of specified net sales levels. Chimerix also agreed to pay Cantex tiered double digit royalties based on percentages of net sales beginning at 10%.
About Cantex Pharmaceuticals, Inc.
Cantex is a clinical stage biopharmaceutical company focused on developing and commercializing proprietary compounds that enhance the efficacy and safety of the treatment of cancer and other life-threatening disorders. CX-01, now known as DSTAT, is a multi-targeted new chemical entity in development for the treatment of cancer and inflammatory lung disease. Cantex's other clinical stage product, Dicopp®, a proprietary combination of disulfiram + copper, is currently in a clinical trial for metastatic pancreatic cancer. For more information, please visit www.cantex.com.
Tiberend Strategic Advisors, Inc.
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SOURCE Cantex Pharmaceuticals, Inc.