NEW YORK (GenomeWeb News) – UK biopharmaceutical firm Xention said today it has extended its drug discovery agreement with Japanese firm Ono Pharmaceutical for an additional year.
The companies originally signed their two-year agreement in March 2009 and have been successful in identifying multiple compounds, which selectively modulate the function of target ion channels, Xention said.
Xention is applying its ion channel drug discovery platform to identify, design, and synthesize small molecules against ion channels chosen by Ono. Under the agreement, Ono is responsible for pre-clinical, clinical development, and worldwide commercialization of potential new pharmaceutical products resulting from the work.
Funding for the project is being provided by Ono in its entirety. Xention will receive milestone payments if specific drug discovery targets are met and upon Ono achieving certain development and regulatory goals. Xention will also receive royalties based on product sales.