Concert Pharmaceuticals has achieved a $2 million (£1.3m) milestone under its development and license agreement with Avanir Pharmaceuticals for the phase three initiation of AVP-786 for agitation in patients with Alzheimer’s
Concert Pharmaceuticals has achieved a $2 million (£1.3m) milestone for Alzheimer's drug
The collaboration agreement between Concert and Avanir provides Avanir with worldwide rights to develop and commercialise AVP-786 and other deuterium-modified dextromethorphan (d-DM) compounds.
Under the agreement Concert is eligible to receive additional milestone payments based upon achievement of certain predefined regulatory and commercial targets.
Roger Tung, president and CEO of Concert Pharmaceuticals, said: “We are very pleased that AVP-786 has advanced to Phase 3 clinical evaluation.
“Agitation associated with Alzheimer’s disease is an important unmet medical need with no currently-approved treatments. We look forward to the continued progress of AVP-786 in this indication.”
Avanir will continue to have overall responsibility for research, development and commercialisation of d-DM compounds including AVP-786.
As part of the agreement Concert is eligible to receive tiered royalties on worldwide sales of any products containing d-DM.