Catalyst Pharmaceutical (CPRX) Surges On Licensing Deal With Northwestern University
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Shares of Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) are surging higher today after announcing this morning that it executed a license agreement under which it acquired exclusive worldwide rights to commercialize novel GABA aminotransferase inhibitors and derivatives of vigabatrin discovered by Northwestern University.
Shares of CPRX are up 156% currently on volume that is 30x normal already.
Catalyst Pharmaceutical said these compounds may have applications to a broad range of neurological diseases, including addiction and epilepsy.
Catalyst intends to pursue development work on an undisclosed, lead oral compound that has already been identified.
Under the terms of the agreement, Northwestern University granted Catalyst an exclusive worldwide license to certain composition of matter patents related to the new class of inhibitors and a patent application relating to derivatives of vigabatrin. Catalyst will be responsible for the continued research and development of any resulting product candidates. Northwestern University will receive from Catalyst an upfront payment, certain milestone payments relating to clinical development activities, and royalties on products resulting from the agreement. Additional terms of the agreement were not disclosed.
Shares of CPRX are up 156% currently on volume that is 30x normal already.
Catalyst Pharmaceutical said these compounds may have applications to a broad range of neurological diseases, including addiction and epilepsy.
Catalyst intends to pursue development work on an undisclosed, lead oral compound that has already been identified.
Under the terms of the agreement, Northwestern University granted Catalyst an exclusive worldwide license to certain composition of matter patents related to the new class of inhibitors and a patent application relating to derivatives of vigabatrin. Catalyst will be responsible for the continued research and development of any resulting product candidates. Northwestern University will receive from Catalyst an upfront payment, certain milestone payments relating to clinical development activities, and royalties on products resulting from the agreement. Additional terms of the agreement were not disclosed.
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