Nuvelo and Archemix expand aptamer accord

Archemix and fellow USA-based drugmaker Nuvelo have expanded their R&D accord. Under the new agreement, which replaces the existing 50/50 collaboration, Archemix will be responsible for the discovery of short-acting aptamers targeting the coagulation cascade for use in acute cardiovascular procedures, and Nuvelo will be responsible for their development and worldwide commercialization. In addition, Nuvelo has designated NU172 (ARC2172), a short-acting, direct thrombin-inhibiting aptamer, as a development candidate.

As part of the new deal, Nuvelo will make an initial upfront payment to Archemix of $4.0 million and, under certain circumstances, may invest up to $10.0 million in its common stock upon an initial public offering. Nuvelo will also fund Archemix' research in the area of short-acting aptamers for the next three years at a minimum of $5.25 million and may pay up to $35.0 million per development compound on the achievement of specified development and regulatory milestones, along with sales-based royalties.