ALBANY, N.Y., Feb. 11, 2013 /PRNewswire/ -- AMRI (NASDAQ: AMRI) announced today that it has signed an exclusive license agreement with Chai Therapeutics, LLC for the development of ALB 109564(a), AMRI's novel tubulin inhibitor compound in late Phase I testing for the treatment of cancer. This agreement follows the exercise of an option to license the intellectual property, which was granted in March 2012 by AMRI to Bessor Pharma, LLC, a translational drug development company. Chai Therapeutics is an affiliate of Bessor Pharma, LLC.
Under the terms of the license agreement, AMRI received an undisclosed license fee and reimbursement for certain costs associated with the intellectual property related to ALB 109564(a). Chai Therapeutics received an exclusive license to the ALB 109564(a) intellectual property, and will be solely responsible for all related research and development and patent costs going forward; AMRI will receive a share of future consideration from the further development and sales, if any, of any ALB 109564(a)-related drug that may be developed, licensed and/or commercialized.
"We are very pleased to continue to work with Bessor on the further development of AMRI's novel tubulin inhibitor," AMRI Chairman and CEO Thomas E. D'Ambra, Ph.D. said. "The recent formation of Chai Therapeutics to focus on the development of our compound is a strong statement by our partners of the potential benefit that this technology could ultimately deliver to cancer patients. Dr. Berkowitz and his team have a proven track record of success in drug development and we are confident in their ability to move this program forward."D'Ambra continued, "The tubulin inhibitor program is an asset developed from our past R&D investments. As we have stated previously, we will continue to pursue strategic opportunities to enable AMRI to advance the clinical development of our other compounds and programs to create near- and long-term value for the company."