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Cellectar Biosciences, Inc.
Drug Names(s): Glutoxim (Russia), BAM-002
Description: NOV-002 is an injectable, small-molecule compound based on a proprietary formulation of oxidized glutathione, GSSG, in a 1000:1 molar ratio with cisplatin, which increases the bioavailability of GSSG. NOV-002 acts as a chemoprotectant and immunomodulator.
Deal Structure: NOV-002 was originally developed by Novelos.
In December 2007, Novelos Therapeutics announced that Novelos signed an exclusive license agreement with Lee's Pharmaceutical to develop and commercialize NOV-002 for cancer in China, including Hong Kong and Macau, as well as in Taiwan. Lee's Pharmaceutical will be responsible for the cost of all clinical development,regulatory submissions and commercialization of NOV-002 in China. In addition to upfront and milestone payments, Novelos will receive 20-25% royalties from Lee's Pharm on net sales of NOV-002.
In February 2009, Novelos Therapeutics announced that Novelos signed an exclusive collaboration agreement with Mundipharma International to commercialize in Europe (excluding Russia) and Asia/Pacific(excluding China) NOV-002. Under the terms of the collaboration agreement, Novelos may receive up to $25 million of launch milestones and $60 million of fixed sales-based payments. Novelos will receive a double-digit royalty, which...See full deal structure in Biomedtracker
Partners: Mundipharma International Limited
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