Sunesis sells LFA-1 inhibitor program to SARcode

Sunesis Pharmaceuticals says it has sold to fellow US company SARcode its intellectual property and other assets in the LFA-1 inhibitor  program previously licensed to SARcode for a total cash consideration of  $2.0 million. As a result of this sale, Sunesis and SARcode have  terminated an earlier agreement relating to this program, and Sunesis  will forego future potential milestone payments and royalties under  this.

SARcode's lead product candidate, SAR1118, is a small-molecule LFA-1  inhibitor being developed for T-cell mediated ophthalmic diseases. Under  the original deal between the parties, Sunesis granted SARcode an  exclusive, worldwide license to patents and know-how related to its  LFA-1 inhibitor program in exchange for license fees, convertible notes  and milestone payments, as well as potential royalty payments.

Under this license agreement, Sunesis has received milestone payments in  the form of cash or convertible notes for the selection of SAR1118 as a  development candidate, and for the initiation of a Phase I trial of  SAR1118. The firm still holds a series of secured convertible notes  issued by SARcode having a total principal value of $1.0 million.