Ebb & Flow

When Guilford (GLFD) licensed its GPI 1485 neuroimmunophilin ligand to Symphony Neuro Developmentlast year, the move was designed to let GLFD focus on starting Phase III trials of its Aquavan sedative. But the four Phase III trials of Aquavan were put on hold last week because of adverse events seen in one of the studies

With the future of Aquavan now up in the air, the neuroimmunophilin program is a logical fallback. Both GLFD and Symphony Capital note that the future of GPI 1485 will be determined solely by its Phase II data.

In June 2004, Symphony Neuro raised $43 million and in-licensed GPI 1485 from GLFD for central and peripheral nervous system disorders. GLFD received a scaling three-year option to buy back the newco and the compound at prices starting at $75.1 million in April 2005, increasing to $119.8 million in March 2007 (see BioCentury, June 21, 2004). At the end of 2004, GLFD had $109.5 million in cash and equivalents.

"The decision to buy back GPI 1485 rests exclusively on Phase II data," said GLFD spokesperson Stacy Jurchison. "We hope to have those data by year end or early next year." The compound is in three Phase II trials - two in Parkinson’s disease (PD) and one in post-prostatectomy erectile dysfunction.

Similarly, Symphony Capital Managing Director Mark Kessel told Ebb & Flow that the Aquavan news "has nothing to do with our compound. If the trials are successful, it’s probably a

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