Sapphire licenses RC-1291 to Ono
Sapphire Therapeutics, a privately-held US biopharmaceutical company that develops compounds acting within the ghrelin pathway for metabolic and oncologic diseases, has licensed a novel drug candidate for treating cancer anorexia/cachexia to Japan's Ono Pharmaceutical. Ono has obtained exclusive rights to develop and commercialize RC-1291 in Japan, Korea and Taiwan in return for upfront fees and milestone payments, as well as royalties on sales. Further financial terms were not disclosed. Ono plans to start Phase I trials of the drug in Japan in the second quarter of 2007.
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