WPD Pharmaceuticals Partners with CNS Pharmaceuticals on Drug Development for Coronavirus and Other Antiviral Indications

Testing of drug candidate WP1122 to be done by leading Government funded research institution specializing in infectious diseases including COVID-19

VANCOUVER, British Columbia, March 24, 2020 (GLOBE NEWSWIRE) -- WPD Pharmaceuticals Inc. (CSE: WBIO)(FSE: 8SV1) (the “Company” or “WPD”) a clinical stage pharmaceutical company, announces it has entered into a development agreement (the “Agreement”) with CNS Pharmaceuticals, Inc. (“CNS”)(NASDAQ:CNSP) for the development of several preclinical drug candidates including WP1122, which will be tested on a range of viruses including the coronavirus SARS-CoV-2. 

WPD has licensed rights to a portfolio of drug candidates, including WP1122, through its license partner, Moleculin Biotech, Inc. (“Moleculin”)(NASDAQ:MBRX). Recently, Moleculin entered into an agreement with a leading government funded research facility in the United States to conduct research on its patented portfolio of molecular inhibitors, including drug candidate, WP1122, for antiviral properties against a range of viruses, including Coronavirus. WP1122 is a prodrug of 2-DG (2-deoxy-D-glucose) that, based on recently developed preclinical data, appears to overcome 2-DG’s lack of drug-like properties and is able to significantly improve tissue/organ concentration.

Under the CNS Agreement, WPD will receive a portion of the development costs from CNS for WP1122 and other drug candidates for antiviral indications, and CNS will receive certain economic rights. WPD received an upfront cash payment from of $225,000 and CNS has committed to a milestone payment of $775,000 upon the successful completion of a Phase 2 study.  In return for the funding, CNS is entitled to receive 50% of the net sales of resulting commercial products in WPD’s 31 licensed territories, but  Poland may become exempted from the list on certain milestones being achieved. Those 31 territories include countries in Europe and Asia, and include Russia. 

Mariusz Olejniczak, CEO of WPD commented, "We look forward to partnering with CNS through this Agreement for the development of antiviral drug candidates, including WP1122. We are grateful to be able to join forces with them and help the urgent fight against deadly viral infections such as the coronavirus that causes Covid-19.”

The Company also announces it has retained 1157667 BC Ltd. as corporate advisors and has granted them 500,000 options at $0.86.

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