VentiRx Pharmaceuticals has formed a world-wide collaboration with Celgene Corporation to develop VTX-2337, a highly potent and selective TLR8 agonist for cancer treatment.
As part of the agreement, Celgene will fund $35m as upfront payment towards research and development of VTX-2337 through pre-defined clinical endpoints.
The agreement also provides Celgene with the option to acquire VentiRx whileVentiRx will be eligible for additional funding which includes a potential equity investment by Celgene during the option period.
VentiRx chief executive officer Robert Hershberg said, "We have made significant progress to date in preclinical and clinical studies, and this collaboration reflects both the promise of VTX-2337 and the commitment by Celgene to pursue innovation in cancer therapeutics."
Celgene research and early development president Thomas Daniel said, "We look forward to clinical data in combination therapy that would position this candidate drug into a strategic position in our pipeline."
