MacroChem licenses Genaera

Genaera Corp says that fellow USA-based MacroChem Corp has exercized its July 2007 option to acquire exclusive worldwide rights to pexiganan, a 22-amino acid, linear peptide formulated as a cream that has a novel mechanism of action based on its ability to selectively disrupt bacterial cell membranes. The agent is being developed for the treatment of patients with infected diabetic foot ulcers.

Under the terms of the deal, MacroChem has agreed to pay Genaera an initial fee of $1.0 million in several installments through February 2008. The agreement also provides for $7.0 million upon the achievement of clinical milestones including the start of Phase III trials and regulatory approval. The agreement further includes sales-based milestones of up to $35.0 million, and a 10% royalty on net sales. In addition, Wellesley Hills, Massachusetts-headquartered MacroChem will assume all clinical development, manufacturing and regulatory activities for pexiganan.

Genaera chief executive Jack Armstrong said that the licensing deal was the first step in the divestment of the firm's non-core assets, which includes the anti-inflammatory agent Lomucin (talniflumate) and squalamine, while focusing on advancing MSI-1436 (trodusquemine) through the clinic for the treatment of obesity and type 2 diabetes.