CED Venture Presenters Addrenex Pharma strikes a $27 M deal

Posted by Dhruv Patel.

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Addrenex lands drug development deal worth up to $27M

By Morrisville-based startup signs second agreement with Sciele Pharma.

Posted: Jul. 1 2:12 p.m.

Morrisville, N.C. — Addrenex has landed another drug development deal with Sciele Pharma that could mean some $27 million for the Triangle-based startup.

The two firms will partner to develop a patented compound that could be a treatment for hypertension. Sciele (Nasdaq: SCRXZ) will pay costs to develop the compound and royalties if the drug is approved.

Phase II clinical trials are expected to begin later this year.

Last October Addrenex and Sciele, which is based in Atlanta, agreed to develop a drug targeting attention deficit and hyperactivity disorder (ADHD). Sciele invested $6 million in Addrenex as part of that deal.

The two firms also are working on another hypertension drug called CloniBID. It would be Addrenex’s first product. Addrenex filed a new drug application with the Food and Drug Administration earlier this year.

Also on Wednesday, Addrenex and Sciele said they were enrolling patients for a Phase III clinical trial of a drug that targets attention deficit and hyperactivity disorder (ADHD) in children.

The drug is called Clonicel, which Sciele also has licensed.

Addrenex was launched in 2006.