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Servier exercises option on jointly-discovered Ampakine® CX1632/S 47 445, an innovative compound in clinical development for alzheimer’s disease18/10/2011
IRVINE, CA (October 6, 2011) — Cortex Pharmaceuticals, has received written notification from Servier of its decision to exercise its option to obtain all the remaining rights to the jointly discovered high impact Ampakine® compound, CX1632 (S47445). Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for treating psychiatric disorders, neurological diseases and sleep apnea. In connection with the option exercise, Servier will pay Cortex an additional $2,000,000, as well as certain royalties and milestone payments to the University of California.
Servier paid Cortex a non-refundable payment of $1,000,000 for the option in June 2011. Since then, Servier has completed a Phase I clinical study with the compound. With the option exercise, Servier will acquire exclusive rights to develop and market CX1632/S 47445 on a worldwide basis. However, Cortex retains all rights for its remaining compounds and AMPAKINE technology on a global basis.
“Servier has been an excellent partner and we are pleased with their decision to exercise this option to continue with the clinical development of the high impact Ampakine CX1632/S 47445,” said Mark Varney, Ph.D., Cortex’s President and CEO. “High impact Ampakine molecules such as CX1632/S 47445 may well represent a disease-modifying approach to treating memory and cognitive impairments in patients with Alzheimer’s disease and other disorders, given the demonstrated ability of the compounds to stimulate protective growth factors within the brain.”
“We are very pleased to acquire from Cortex the remaining rights for this jointly discovered compound as it will allow us to expand our activities worldwide. S 47445 is now in clinical development as a potential “first in class”. Such development exemplifies our commitment to find innovative treatments for patients suffering from Alzheimer’s disease, and our belief that AMPA modulation is a promising way to improve cognitive disorders in such patients,” said Emmanuel Canet, MD, PhD, Head of Servier R&D.