Zalicus Licensee, Sanofi, Provides Status Update On Prednisporin (FOV1101)
Inc. (NASDAQ: ZLCS), a biopharmaceutical company that discovers and
develops novel treatments for patients suffering from pain, today
announced that Sanofi provided an update on the development status of
Zalicus Inc. (NASDAQ: ZLCS), a biopharmaceutical company that discovers and develops novel treatments for patients suffering from pain, today announced that Sanofi provided an update on the development status of Prednisporin™ (FOV1101) during the course of Sanofi’s quarterly financial and R&D pipeline update on October 25, 2012. Prednisporin is a fixed dose combination of prednisolone acetate and cyclosporine A being developed for certain ophthalmologic indications including persistent allergic conjunctivitis. Prednisporin was licensed by Zalicus to Fovea Pharmaceuticals SA (now a division of Sanofi) in January 2006. Based on a recent review of prior Phase 2b results for Prednisporin, Sanofi has reassessed the commercial profile for Prednisporin and has made the decision to continue the development of Prednisporin under a sublicense agreement to be entered into with a third party to be identified by Sanofi. The terms of the Second Amended and Restated Research and License Agreement between Zalicus and Sanofi allows Sanofi to sublicense its rights to develop and commercialize Prednisporin on a global basis, and the milestones and royalties due to Zalicus for successful development and commercialization of Prednisporin would continue to apply in the event Sanofi sublicenses the rights to Prednisporin. "We are pleased that Prednisporin remains in the Sanofi clinical development pipeline and anticipate that the proposed sublicense by Sanofi will allow for the continued clinical development and potential commercialization of Prednisporin," commented Mark H.N. Corrigan, MD, President and CEO of Zalicus. About Prednisporin (FOV1101) Zalicus entered into a research and license agreement with Fovea Pharmaceuticals SA, now a division of Sanofi, in January 2006. Under the agreement, Sanofi received an exclusive worldwide license to Prednisporin (FOV1101) and agreed to fund the development of Prednisporin for certain ophthalmic diseases. Sanofi has advanced Prednisporin into Phase 2b clinical development for persistent allergic conjunctivitis. For Prednisporin, Zalicus has received payments totaling $1.5 million, and is eligible to receive up to $39 million in development and regulatory milestone payments. Zalicus is also eligible to receive royalties on net sales of Prednisporin by Sanofi or any future sublicensee.
Zalicus (ZLCS) soared Wednesday after the biopharmaceutical company announced it would merge with Epirus Biopharmaceuticals. After the all-stock transaction closes, Zalicus will be known as Epirus and will operate under the latter company's management team led by Amit Munshi as president and CEO. Current Zalicus stockholders will own approximately 19% of the company. The merger will create a publicly-traded company listed on the NASDAQ.