Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced today
that a subsidiary of Ligand has entered into an exclusive license
agreement with ParinGenix Inc. under which ParinGenix was granted
exclusive license rights to three issued U.S. patents relating to
certain desulfated heparin compounds. Under the terms of this agreement,
Ligand will receive an upfront payment as well as a royalty on net sales
in the United States by ParinGenix of 2-O, 3-O desulfated heparin
products. ParinGenix’s lead compound, PGX-100 is an intravenous
formulation of 2-O, 3-O desulfated heparin which is in a Phase IIb trial
for the treatment of acute COPD exacerbations.
“We are pleased to enter into this collaboration, which monetizes
intellectual property acquired in our 1995 merger with Glycomed.
Furthermore, this deal adds another potential lucrative royalty stream
to Ligand’s already promising list of partnered, fully funded,
royalty-bearing programs,” said John L. Higgins, President and Chief
Executive Officer of Ligand Pharmaceuticals. “The agreement with
ParinGenix further validates Ligand’s rich intellectual property
portfolio, which has gained significant industry recognition, including
Ligand being named as a top innovator in the Patent Board’s
Pharmaceuticals Patent Scorecard.”
Commenting on the transaction, Stephen G. Marcus M.D., President and
Chief Executive Officer of ParinGenix stated, “We are pleased to have
obtained an exclusive license to these three patents which expand and
strengthen our intellectual property portfolio. Our lead compound, 2-O,
3-O desulfated heparin, has minimal anticoagulant activity while
retaining the robust anti-inflammatory and other biologic activities of
unfractionated heparin.”
About Ligand Pharmaceuticals
Ligand discovers and develops new drugs that address critical unmet
medical needs of patients with muscle wasting, frailty, hormone-related
diseases, osteoporosis, inflammatory diseases, anemia, asthma,
rheumatoid arthritis and psoriasis. Ligand's proprietary drug discovery
and development programs are based on advanced cell-based assays,
gene-expression tools, ultra-high throughput screening and one of the
world’s largest combinatorial chemical libraries. Ligand has strategic
alliances with major pharmaceutical and biotechnology companies,
including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline,
Schering-Plough, Pfizer and Wyeth Pharmaceuticals.
