Rexahn soars after finding Chinese partner for cancer drug RX-3117
Rexahn Pharmaceuticals and BioSense Global announced earlier today a collaboration and license agreement to advance the development and commercialization of RX-3117 for pancreatic cancer and other cancers in Greater China. Shares of Rexahn are up 28%, or $1.49, to $6.87 in afternoon trading. Under the agreement, Rexahn will grant BioSense an exclusive license to develop and commercialize RX-3117 in Greater China. Rexahn will receive an upfront payment and will be eligible to receive additional development, regulatory and commercial milestones up to a total of $226M contingent on achieving regulatory and commercial goals related to pancreatic cancer and additional indications. The upfront payment consists of an aggregate of $3M, $1.5M of which has been paid and the remaining $1.5M of which is due August 24. Rexahn will also be eligible to receive tiered royalties in the low double digits to mid-teens on annual net sales in the territory. The companies will collaborate to develop RX-3117 for pancreatic cancer and other indications. BioSense will fund all activities related to the development and commercialization of RX-3117 in Greater China and will initiate a Phase 2 study to evaluate the drug candidate in up to three additional indications not previously studied by Rexahn. "Rexahn is focused on developing novel therapies for people with difficult-to-treat cancers. This partnership will enable us to extend the development of RX-3117 to patients in Greater China and also to evaluate RX-3117 in additional indications in collaboration with BioSense," said Douglas Swirsky, President and CEO of Rexahn.