In February 2015, the company licensed exclusive, worldwide rights in its adenosine receptor antagonist programme for use in all therapeutic applications to Corvus, a U.S.-based biotechnology company. At the time the name of the company was not disclosed and nor was the initial therapeutic focus.
Corvus was launched through a $33.5mi Series A fundraising in 2014 by the founder and former senior management at Pharmacyclics and it raised a further $75m (Series B) in September 2015.
The lead molecule, CPI-444 is a patented small molecule that has been evaluated in Phase I and II clinical trials under an IND in the US.
Corvus brings a wealth of clinical and commercial expertise and experience and is looking to develop CPI-444 for immuno-oncology, with clinical studies expected in 2016.
Vernalis CEO Ian Garland said: "We are pleased to make public that Corvus is our licensee and we are excited about the development of CPI-444 in an immuno-oncology setting."