Faron Pharmaceuticals Oy (LON:FARN) (NASDAQFIRSTNORTH:FARON) has acquired rights for the potential new use of AOC3 protein inhibitors, the overexpression of which has been connected with many vascular diseases such as stroke.
In a statement, the Finland-based clinical-stage biopharmaceutical company noted that the Invention has been discovered by Faron's scientific network, with one of Inventors academician Sirpa Jalkanen, the wife of Faron’s chief executive officer, Markku Jalkanen.
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Faron said it will be will be responsible for the management, prosecution and maintenance of any patent applications assigned from the inventors to the company, as well as for the filing of new patent applications for the AOC3 protein inhibitor.
It will also be responsible for the future development of the inventio, with the AOC3 enzymatic domain - a semicarbazide-sensitive amine oxidase - known to produce hydrogen peroxide, a potent inflammatory mediator.
Under the terms of the agreement, in consideration for assignment of the invention to Faron, the inventors are eligible to receive low single digit royalties of net revenues of products associated with the invention and a low single digit percentage of payments to Faron in the event of a third party license being entered into in respect of the Invention.
The company noted that pre-clinical studies with humanized AOC3 mice and with ex vivo human cells in relation to the invention are currently ongoing and further information will be provided later in the year.