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news.Concert Pharmaceuticals has received a $2m milestone as part of a development and license agreement with Avanir Pharmaceuticals for the clinical progression of AVP-786 in patients with major depressive disorder (MDD).
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The new drug product, AVP-786, is a combination of deuterium modified dextromethorphan and ultra-low dose quinidine.
The payment is result of the initiation of dosing by Avanir in a Phase II clinical trial with AVP-786 for the adjunctive treatment in MDD patients.
Concert Pharmaceuticals president and CEO Roger Tung said: "We are very pleased by Avanir’s progress with AVP-786’s clinical development, resulting in a second development milestone to Concert from this program."
Under the deal, Avanir has worldwide rights to develop and commercialize AVP-786 as well as other deuterium-modified dextromethorphan (d-DM) compounds.
According to the company, the licensed compounds are expected to have potential to treat neurological and psychiatric disorders.
Upon achieving certain predefined clinical, regulatory and commercial targets, Concert is eligible to receive additional milestone payments.
The deal will also see Avanir continue to have overall responsibility for research, development and commercialization of d-DM compounds, including AVP-786, while Concert is eligible to get tiered royalties on worldwide sales of any products containing d-DM.