NeuroVive Pharmaceutical CEO Mikael Brönnegård said that the partnership with Isomerase Therapeutics for the molecules recently acquired from Biotica marks the beginning of expansion of its product range.
"This effort will strengthen NeuroVive´s position in mitochondrial medicine and further our efforts to develop products for a larger number of medical conditions," Brönnegård added.
Based on the agreement, the company will closely concentrate on cellular protection for traumatic brain injury and heart attack, as well as the new product NVP018/BC556 for antiviral indications.
In a separate deal, its subsidiary NeuroVive Pharmaceutical Asia received the first milestone payment from Sihuan Pharma in China for engaging in development and distribution of CicloMulsion and NeuroSTAT in the Chinese market.
Further, the company is also working to develop an application for the Chinese healthcare regulation agency (CFDA) for a clinical trial on CicloMulsion in the country.
Apart from 10% annual royalty of the net profits on CicloMulsion and NeuroSTAT, NeuroVive´s Chinese subsidiary will be getting upfront and milestone payments from Sihuan totaling RMB35m ($5.7m) and RMB12m ($1.95m), respectively.