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Cleveland BioLabs, Inc.
Drug Names(s): quinacrine, CBL0102
Description: CBLC102 is a curaxin. Curaxins represent a novel class of anticancer drugs with a unique combination of therapeutic properties. Unlike conventional chemotherapy, curaxins kill tumor cells by simultaneously hitting two important molecular targets — activating p53 and deactivating NF-kB — rather than through DNA damage. CBLC102 also acts by blocking activity of the chromatin remodeling complex, FACT.
Deal Structure: In December 2009, Cleveland BioLabs formally entered into a 50/50 joint venture, called Incuron, with Bioprocess Capital Ventures to develop Cleveland BioLabs Curaxin compounds for cancer applications.
According to the terms of the agreement, CBLI will transfer rights to its pipeline of Curaxin anticancer molecules to the new joint venture, and Bioprocess Capital Ventures will contribute approximately $18 million over three payments to support development of the compounds. The first payment of $5.8 million is due upon formation of the Incuron entity. The ensuing payments are based upon achievement of predetermined development milestones.
The first milestone payment of $6.4 million shall be made upon approval to begin clinical trials on oncology patients with a selected lead Curaxin compound, or upon progression of a clinical program of CBLC102. The second milestone payment shall be made upon completion of at least one Phase I/II trial in cancer patients.
Partners: Bioprocess Capital Ventures
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