Canadian pharmaceutical firm Knight Therapeutics has entered into a partnership to commercialize NeurAxon's new products in various stages of development in Canada, Israel, South Africa and Russia.
As part of the deal, Knight will pay around $1.75m cash as well as offer additional funding to further develop new pharmaceutical products.
The deal will see establishment of a new company called NeurAxon Pharma, which will own the Pharmaceuticals for all markets except the Territory and will continue the development of the clinical portfolio.
Knight president and CEO Jonathan Ross Goodman said: "NeurAxon has shown that their nitric oxide synthase inhibitors ("NOS") are safe and show clinical markers for efficacy in migraine.
"We believe that NeurAxon’s NOS assets will find a profitable niche and we look forward to participating in the growth of NeurAxon Pharma for the benefit of patients and shareholders."