NeuroVive gains NAD+ modulator from Yungjin for mitochondrial disorders
Yungjin Pharmaceutical Co. Ltd. (KOSDAQ:003520) granted NeuroVive Pharmaceutical AB (SSE:NVP; OTCQX:NVEPF) exclusive, worldwide rights to develop and commercialize mitochondrial disorders candidate KL1333 outside of Korea and Japan, where Yungjin retains rights. NeuroVive will pay Yungjin $1 million up front, plus $1 million a year after signing and an additional $1 million upon completion of a successful Phase I trial. Yungjin is eligible for an additional $12 million in development milestones and $42 million in commercial milestones, plus tiered single to low double-digit royalties on future net sales.
The companies will develop KL1333 separately in their respective territories. Yunjgin plans to begin a Korean Phase I trial of the product in "a couple months" and NeuroVive will begin a Phase I trial in Europe and/or the U.S. early next year...