A California company has paid Bioasis Technologies $1.2 million for a royalty interest in four rare disease drugs the Guilford biotech is developing with an Italian health care group.
The deal announced Tuesday centers on enzymes Bioasis is investigating as potential treatments for four undisclosed lysosomal storage disorders (LSDs).
Under the deal, Xoma Corp. will collect a “low single-digit” royalty on the future net sales of each of the four enzymes, as well as an undisclosed share of any milestone payments.
LSDs are inherited, metabolic diseases marked by an abnormal build-up of toxic materials in cells due to enzyme deficiencies.
In June, Chiesi Group, based in Italy, paid Bioasis $3 million upfront in a licensing deal to co-develop treatments for the four diseases, and will pay up to $138 million more if certain milestones are met.
The Chiesi Group is driving the R&D and any future commercialization work.
Xoma CEO Jim Neal said his company was interested in Bioasis’ technology that delivers drugs across the brain’s filtering mechanism, known as the blood-brain barrier.
The barrier can be an obstacle to treatment in neurological disorders, rendering some drugs that work elsewhere in the body ineffective on diseases of the brain.
Xoma, based in Emeryville, Calif., describes itself as a biotech royalty aggregator. It acquires the economic rights to potential milestone and royalty payments in exchange for non-dilutive funding.
According to its website, it helps pre-clinical biotechs raise money during the drug development process without taking on debt or giving up equity in the company.
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Guilford’s Hyperfine Research Inc.’s portable MRI known as Swoop has won the American College of Emergency Physicians (ACEP) 2020 incubatED Medical Device Innovation Challenge, the company said.
The award recognizes innovations that will shape the future of emergency medicine.
The Swoop MRI, which received FDA clearance this year, wheels up to a patient’s bedside, plugs into a standard wall outlet and is controlled by an iPad. Emergency room doctors have said it holds potential for diagnosing stroke patients in the ER.
Winners were selected by popular vote from ACEP attendees during its annual meeting last week.
Hyperfine is one of seven companies housed in serial entrepreneur Jonathan Rothberg’s 4Catalyzer life sciences incubator based in Guilford.
Contact Natalie Missakian at news@newhavenbiz.com.
