WPD Pharmaceuticals Announces Amended Sublicense Agreement with Moleculin Biotech for WP1066, WP1122 and Annamycin Drug Candidates
VANCOUVER, British Columbia, March 30, 2021 (GLOBE NEWSWIRE) -- WPD Pharmaceuticals Inc. (“WPD” or the “Company”) (CSE: WBIO) (FSE: 8SV1), a clinical stage pharmaceutical company,
is pleased to announce that is has entered into an amended and restated sublicense agreement with Moleculin Biotech Inc. (“Moleculin”).
On March 22, 2021, WPD entered into the amendment of its February 2019 sublicense from Moleculin of certain intellectual property rights, including the rights to Moleculin’s Annamycin, WP1066 and WP1122 portfolios to research, develop, manufacture, use, import, offer and sell products derived from these portfolios in the field of human therapeutics (“Products”) in 29 countries, including some countries in Europe (the “Territories”).
In consideration of the sublicense, WPD agreed that it must use commercially reasonable efforts to develop and commercialize Products in the Territories. The term “commercially reasonable efforts” has been amended to mean expenditure by WPD of at least USD$2,500,000 during the first 4 years of the agreement on the research, development and commercialization of Products and at least USD$1,000,000 in each of the 4 years thereafter. WPD also will pay to Moleculin a royalty on Products sold.
The amendment extends the period of time which WPD has to expend the research, development and commercialization costs to 8 years from February, 2019 and increases the amounts required to be spent over that longer period. It also provides a process to extend the period time further, if necessary.
Mariusz Olejniczak, CEO of WPD commented, “We are very pleased with the amendments to our sublicense agreement with Moleculin. The extension of time for us to make the necessary expenditures and to keep our sublicense in good standing gives us the opportunity to properly prepare our development plans and to raise additional funds. As well, having a longer time frame means that there may be further developments on these important drug candidate portfolios that we can build on to progress towards commercialization.”
Moleculin Biotech, Inc. is a clinical stage pharmaceutical company focused on the development of a broad portfolio of oncology drug candidates for the treatment of highly resistant tumors and viruses. The Company's clinical stage drugs are: Annamycin, a Next Generation Anthracycline, designed to avoid multidrug resistance mechanisms with little to no cardiotoxicity being studied for the treatment of relapsed or refractory acute myeloid leukemia, more commonly referred to as AML, WP1066, an Immune/Transcription Modulator capable of inhibiting p-STAT3 and other oncogenic transcription factors while also stimulating a natural immune response, targeting brain tumors, pancreatic cancer and hematologic malignancies, and WP1220, an analog to WP1066, for the topical treatment of cutaneous T-cell lymphoma. Moleculin is also engaged in preclinical development of additional drug candidates, including other Immune/Transcription Modulators, as well as WP1122 and related compounds capable of Metabolism/Glycosylation Inhibition.