Corvas, Pfizer deal

CVAS (San Diego) and Pfizer will develop CVAS's neutrophil inhibitory factor (NIF) as a treatment for stroke. The companies will conduct further preclinical studies to prepare NIF for human clinical testing. If Pfizer exercises its option within 18 months, the companies will continue joint development for an additional two years, and the pharma company will receive exclusive worldwide rights to develop NIF as a therapeutic agent.

CVAS will receive an initial payment of $1.1 million. Pfizer is responsible for funding all further clinical development. CVAS could receive up to $32 million in development funding and milestones, and will receive royalties. ...