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news.Islet Sciences has entered into a license agreement with Brighthaven Ventures (BHV) for exclusive rights to develop and commercialize SGLT2 inhibitor remogliflozin, which is currently Phase IIb development for patients with type 2 diabetes and non-alcoholic steatohepatitis (NASH).
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Upon effectiveness of the deal, Islet will be granted exclusive rights to remogliflozin in the global territory outside of Japan, Korea, Taiwan, China, and Latin America.
As part of the deal, Islet will pay BHV an upfront fee of $5m, up to $111.85m in development, regulatory and commercial milestones and royalties on net sales.
The exclusive license is contingent on Islet raising $10m in capital and paying BHV the upfront fee by 31 May 2015.
Islet CEO James Green said: "Islet is excited to assume responsibility for the global development plan for remogliflozin.
"With the significant unmet need for both NASH and diabetes, Islet is very encouraged by the data suggesting remogliflozin can emerge as the most positively differentiated SGLT2 inhibitor with improvements in efficacy and common side effects of SGLT2 inhibition, namely LDL cholesterol and fungal infections, compared to other molecules in the class."
The selective SGLT2 inhibitor, remogliflozin has been dosed in more than 800 people in over twenty clinical trials.
In twelve-week Phase II trials, remogliflozin showed HbA1c lowering greater than 1% with no significant adverse events and low incidence rates of genitourinary infections, a common side effect associated with SGLT2 inhibitors.