Radiopharmaceutical developer Neoprobe has secured worldwide exclusive rights from pharmaceutical firm AstraZeneca for its AZD4694 late-stage radiopharmaceutical imaging agent, which is used to help diagnose Alzheimer's disease.
Neoprobe will pay $5 million up front to AstraZeneca to license AZD4694, an F-18-labeled radiopharmaceutical candidate that binds to brain beta-amyloid deposits, which can then be imaged in PET scans for evaluation of patients with signs or symptoms of cognitive impairment such as Alzheimer's disease.
Neoprobe will also make a series of contingent milestone payments, including up to $6.5 million in potential payments based on the achievement of clinical development and regulatory filing milestones, and up to an additional $11 million following the receipt of regulatory approvals and the initiation of commercial sales.
The company will also pay royalties to AstraZeneca based on net sales of the approved product. AstraZeneca will retain the right to use AZD4694 in clinical trials to support development of potential treatments for Alzheimer's disease.
Neoprobe said it intends to initiate a phase III clinical program in early 2013, while simultaneously building the requisite safety and training database. Patents and patent applications filed around the world related to AZD4694 are effective until 2028, according to Neoprobe.
