Islet and BHV sign licensing agreement for diabetes drug in development
Metabolic biopharma specialist Islet Sciences (OTCQB: ISLT) says that its merger partner, Brighthaven Ventures (BHV Pharma), has entered into an exclusive licensing agreement for its SGLT2 inhibitor, remogliflozin etabonate, with Libbs Farmaceutica, a leading Brazilian pharmaceutical company.
Libbs will have exclusive rights to develop and commercialize remogliflozin in select territories in Latin America, including Brazil. Under the terms of the agreement, Libbs will make an upfront payment of $1.5 million and fund a substantial portion of BHV’s Phase IIb development of remogliflozin for the treatment of type 2 diabetes, which BHV expects to initiate in late 2014.
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