NeurAxon has raised $1.75 million from Knight Therapeutics, a Montreal-based specialty pharmaceutical company, which will also provide additional funding to further development of the company’s pharmaceuticals. Montreal-based NeurAxon has been a recipient of venture capital financing since 2004 and is a portfolio company of BDC Venture Capital, CTI Life Sciences, Delphi Ventures, HIG Ventures, NeuroVentures Capital, Five Corners Capital (Ventures West), and the Ontario Capital Growth Corporation, among others.
Knight Therapeutics Inc. and NeurAxon Inc. Form Partnership for the Commercialization of NeurAxon’s Innovative Products
MONTREAL, QUEBEC–(Marketwired – Jan. 1, 2015) – Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company”), a leading Canadian specialty pharmaceutical company, today announced that it has entered into a strategic partnership with NeurAxon Inc. (“NeurAxon”) for the commercialization of NeurAxon’s innovative products in various stages of development (“Pharmaceuticals”) in Canada, Israel, South Africa and Russia (“Territory”).
Under this partnership, Knight will pay approximately $1.75 million cash and provide additional funding to further develop the Pharmaceuticals. A new company will be formed called NeurAxon Pharma Inc. (“NeurAxon Pharma”) which will own the Pharmaceuticals for all markets except the Territory and will continue the development of the clinical portfolio.
“We are pleased to partner with NeurAxon for the development and commercialization of their portfolio of pre-clinical and clinical products. NeurAxon has shown that their nitric oxide synthase inhibitors (“NOS”) are safe and show clinical markers for efficacy in migraine. We believe that NeurAxon’s NOS assets will find a profitable niche and we look forward to participating in the growth of NeurAxon Pharma for the benefit of patients and shareholders,” stated Jonathan Ross Goodman, President and CEO of Knight.
Dr. John S. Andrews, President of NeurAxon said “We are delighted to be able to secure the opportunity to continue the development of our novel NOS compounds. We have identified a new path forward to commercialization and look forward to working with Knight to ensure the benefits of our technology are brought to the patients in need.”
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. Knight Therapeutics’ shares began trading on TSX-V on March 3, 2014 and graduated to TSX on April 29, 2014 under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.gud-knight.com or www.sedar.com.
About NeurAxon Inc.
NeurAxon is a clinical stage research company dedicated to the development of innovative selective inhibitors of nitric oxide synthase as novel therapies for migraine and other conditions. NOS is a family of enzymes which controls the production of the gaseous neurotransmitter nitric oxide thought to be a key modulator in the brain, vasculature and other organs. NeurAxon is the first company to develop selective inhibitors of NOS and has a unique patent portfolio to protect its proprietary knowledge. NeurAxon Pharma will focus on developing the use of NOS inhibitors for use in migraine, visceral pain and dermatology in conjunction with academic and industrial collaborators and partners.
Knight Therapeutics Inc.
Jeffrey Kadanoff, P.Eng., MBA
Chief Financial Officer
NeurAxon Pharma Inc.
John S. Andrews, PhD
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