7TM Pharma sells drug candidate rights to Procter & Gamble subsidiary  

2005.04.14
7TM Pharma, a Danish biotech company based north of Copenhagen, has sold the rights to a potential new drug for the treatment of cardiovascular diseases to Procter & Gamble Pharmaceuticals

7TM Pharma, a Danish biotech company based north of Copenhagen, has sold the rights to a potential new drug for the treatment of cardiovascular diseases to Procter & Gamble Pharmaceuticals (P&GP), a subsidiary of US giant Procter & Gamble. 7TM Pharma and P&GP have also entered an agreement to undertake a joint research programme in therapeutic angiogenesis, with the aim of identifying drug candidates for the treatment of cardiovascular diseases related to arteriosclerosis.

Thue Schwartz, research director at 7TM Pharma says the company cannot disclose how much money it will receive for selling the rights to the drug candidate, but in addition to an upfront fee, it will receive milestone payments as well as percentages of potential future sales.

7TM Pharma is a drug discovery and development company which has a pipeline of advanced programmes in its main therapeutic focus area, obesity. The biotech company's pipeline also include programmes on well validated targets in allergy/inflammation, therapeutic angiogenesis and cardiovascular diseases. Investors in 7TM Pharma includes Novo, Dansk Innovationsinvestering, Alta Partners, Index Ventures and Lombard Odier et Cie.

The news is reported by national daily newspaper Jyllands-Posten and on 7TM Pharma's website.

Link > 7TM Pharma 

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