NEW YORK, Nov. 17 (GenomeWeb News) - DeCode Genetics said this week that it has acquired from Bayer the exclusive worldwide rights to a small molecule compound active against a target made by a gene that predisposes to myocardial infarction.
Under the deal, Bayer will be paid clinical development milestones, as well as royalties on future sales of the drug.
DeCode said that it plans to begin testing the compound, called DG031, for efficacy in a phase II trial beginning in early 2004. Additional information about the investigational drug, said DeCode, will be made available in a scientific paper that will be submitted for publication at the beginning of the study.
"This is a transforming event for DeCode," DeCode CEO Kari Stefansson said in a statement. "By licensing an existing compound already found to be well-tolerated, designed against one of our key targets in myocardial infarction, we will be able to leapfrog several stages in the drug development process."