Antibe Therapeutics has signed a licensing and distribution agreement with Laboratoires Acbel for the drug ATB-346 in Greece, Romania, Serbia, Bulgaria, Albania, Algeria and Jordan.
Anti-inflammatory drug ATB-346 has been designed to spare the gastrointestinal tract of the ulcers and bleeding normally associated with non-steroidal anti-inflammatory drugs (NSAIDs).
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As part of a recent Phase II clinical trial, the drug was found to be effective in reducing pain associated with osteoarthritis of the knee.
Antibe Therapeutics CEO Dan Legault said: “We are delighted to have concluded this agreement with Acbel.
"By delivering on our regional licensing strategy, Antibe has obtained non-dilutive funds that can be immediately deployed for our ongoing clinical trials.
“Of perhaps greater importance, this agreement represents an important validation of our drug development programme and its market value by a leading regional pharmaceutical company well versed in the NSAID market.”
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By GlobalDataAntibe will now initiate a placebo-controlled, dose-ranging study to determine the go-to-market dose, and an active comparator trial to demonstrate GI safety.
Under the 30-year agreement, the company will receive an upfront, non-dilutive payment of $1.1m and a 5% royalty on net sales of ATB-346.
At present, Antibe is developing two other therapeutic candidates ATB-352 and ATB-340.
ATB-352 is a non-addictive analgesic and is used to treat severe acute pain, while ATB-340 is a GI-safe derivative of aspirin.
