FREMONT, Calif., Aug. 18 /PRNewswire/ — Quark Pharmaceuticals,
Inc., a world leader in the discovery and development of RNAi-based
therapeutics, today announced that it has granted Novartis an
option to obtain an exclusive worldwide license to develop and
commercialize its p53 temporary inhibitor siRNA drug QPI-1002,
currently the subject of a Phase II clinical
trial.
Quark will receive initially a non-refundable fee of 10 million
USD. In the event that Novartis exercises the option, Quark would
receive option exercise fees and milestone payments that could
potentially total 670 million USD. In addition Quark would be
entitled to potential royalties on sales of licensed products.
Dr. Daniel Zurr, Quark’s Chief Executive Officer, stated, “We
are very pleased to have reached this agreement with Novartis. We
believe that Novartis represents an outstanding partner for Quark.
With its world-leading expertise in transplantation and acute care
Novartis will provide invaluable support to the global development
of QPI-1002, in development for the prevention of acute kidney
injury (AKI) in patients undergoing cardiac surgery and for delayed
graft function (DGF) in kidney transplant patients. The gene target
of QPI-1002, p53, is a major player in apoptotic cell death; its
temporary suppression rescues cells, prevents them from dying in
conditions of severe stress such as ischemia, potentially opening
opportunities for Novartis to novel treatments in additional
indications.”
About QPI-1002QPI-1002 is designed to temporarily inhibit
expression of the stress-response gene, p53 and is the first
synthetic siRNA to be administered systemically to humans. QPI-1002
is being developed for the prevention of acute kidney injury (AKI)
in patients undergoing major cardiovascular surgery, and for the
prophylaxis of delayed graft function (DGF) in patients receiving
deceased donor kidney transplants. QPI 1002 completed Phase I
studies in these pati
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