NEW YORK (GenomeWeb News) — Proteome Systems has licensed its Eukarion portfolio of small-molecule drug compounds to Minerva Healthcare, which is developing treatments for dermatological and other diseases, Proteome Systems said last week.
The company also said it has appointed Jenny Harry CEO, replacing Stephen Porges. Harry has been deputy CEO since 2005.
Under the terms of the Minerva agreement, Proteome Systems will receive $4 million upfront and will gain a 10 percent stake in Minerva, as well as a milestone payment for clinical development and 12 percent of royalties from product sales.
Minerva is a new venture founded by Athena Diagnostics, Ivax Pharmaceuticals, and Impax Pharmaceuticals, Proteome Systems said.
Proteome Systems said the license is subject to Minerva’s ability to raise its initial capital.