Cortech Files IND For Elastase Inhibitor

As predicted in the Marketletter last week, Cortech has filed an Investigational New Drug application in the USA for its neutrophil elastase inhibitor, known as CE-1037. In a separate action, the company has also completed a royalty buyout with the Research Foundation of the State University of New York for the compound.

CE-1037 will initially be tested for safety and other parameters in healthy human volunteers. If these are successful the compound will then move into testing in patients with, or at risk of, adult respiratory distress syndrome (ARDS). Later on, the compound may be tested in cystic fibrosis and emphysema.

The company is managing preclinical and clinical development of CE-1037 for Marion Merrell Dow, which holds an exclusive license to the compound. The RFSUNY has terminated its royalty-bearing agreement with Cortech in return for 150,000 shares of the company's common stock. This means that if the product reaches the market Cortech will receive a full 10% royalty.