Navidea enters licensing deal with Alseres
Navidea Biopharmaceuticals has signed an option agreement with Alseres Pharmaceuticals to license [123I]-E-IAFCT Injection, developed as an aid in the diagnosis of Parkinson's disease and movement disorders.
[123I]-E-IAFCT Injection also called Altropane, is a patented, novel, small molecule radiopharmaceutical that binds to the dopamine transporter (DAT) on the cell surface of dopaminergic neurons in the striatum and substantia nigra regions of the brain.
Under the deal, Navidea receives exclusive rights for a period of up to six months to perform final due diligence and prepare the documentation necessary to enter into a definitive license agreement for [123I]-E-IACFT.
As part of the option agreement, Navidea paid Alseres an option fee of $500,000 for the exclusive right to negotiate a definitive license agreement by 30 June 2012.
Navidea executive vice president and chief business officer Thomas Tulip said the partnership agreement will provide them with a robust franchise in precision neuro-imaging diagnostics.
Prior clinical trial results have demonstrated that [123I]-E-IACFT has high affinity for DAT and rapid kinetics which enable the generation of clear images within about 20 minutes.
The company said the imaging agent may also be used to detect Dementia with Lewy Bodies (DLB), one of the most common forms of dementia after Alzheimer's disease.
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