Shelton’s NanoViricides Inc. has announced that has reached an agreement with TheraCour Pharma Inc. on the terms of the license for the drug being developed against VZV, the virus that generates chickenpox in children and shingles in adults.
NanoViricides previously tested the nanoviricide drug candidates being developed for HSV-1 against VZV in cell cultures, and found them to be highly effective, in early 2017. The company continued further development of its drug candidates against VZV while it was developing new collaborations for animal testing of its HSV-1 and HSV-2 drug candidates.
According to NanoViricides, it has been in negotiations with the West Haven-based TheraCour Pharma regarding the terms of the latter”™s license of VZV to NanoViricides. The two companies had previously agreed that TheraCour would license VZV upon completion of due diligence and an independent valuation.
In the new agreement, TheraCour Pharma has agreed not to receive any payment upon signing a license agreement and would forego a cash payment in favor of 500,000 shares of NanoViricides”™ Series A Preferred Stock when an investigational New Drug Application for VZV becomes effective. TheraCour Pharma would receive a milestone payment of $1.5 million if NanoViricides successfully completes Phase I human clinical trials on VZV and $2.5 million upon completion of Phase II human clinical trials.
“The actual success of any drug can only be determined in human clinical trials, and the company is advancing rapidly towards beginning this phase of drug development,” said NanoViricides in a press statement. “In addition to VZV, we are also developing dermal topical drugs against HSV-1 ”˜cold sores”™ and HSV-2 ”˜genital ulcers.”™ The company intends to advance these drug candidates towards human clinical trials as soon as possible.”
