Merrion Pharmaceuticals Plc, has announced the signing of a
Collaboration and Option agreement with Novo Nordisk. The agreement will
evaluate the ability of Merrion's patented GIPET(R) technology to boost the
oral bioavailability of an undisclosed proprietary compound.
Following the feasibility studies, Novo Nordisk will have
the option to enter into a further licensing agreement for Merrion's GIPET
technology. The financial terms of a possible future licensing agreement have
been pre-agreed.
As part of the agreement Merrion has granted Novo Nordisk a
warrant to acquire ordinary shares of up to EURO1,500,000 in Merrion at
yesterday's closing share price (EURO3.00). The warrant will be exercisable for
20 business days commencing on the day following the signing of a license
agreement.
Merrion can request Novo Nordisk to acquire up to
EURO500,000 worth of shares in Merrion at yesterday's closing share price
(EURO3.00) exercisable for 20 business days commencing on the day following the
signing of a license agreement.
Commenting on the announcement, John Lynch, CEO, Merrion
Pharmaceuticals, said, "We are very pleased to be entering into another
agreement with Novo Nordisk with our unique GIPET technology. This agreement
further strengthens the links between the two companies following the license
agreements for oral GLP-1 and Insulin respectively. This, along with the other
recently announced agreements with Rebel and a top 10 pharma company, means
that Merrion has an additional 6 compounds in its preclinical pipeline."
Merrion's
patented drug delivery technology, GIPET(R), is supported by a large database
reflecting 10 years' research and development by drug delivery experts and 21
clinical studies conducted on a broad range of drug types. In a database
comprising more than 40 compounds, GIPET has shown the ability to improve
absorption by as much as 200 times, achieving excellent intersubject
reproducibility and with a positive safety database. This includes traditional
small molecules as well as biopharmaceutical peptides and proteins, making GIPET
a platform technology with broad applicability. Merrion's technology is
endorsed through collaborations with pharmaceutical compani