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Ligand licenses compound hits for CXCR4 Target to Proximagen.

M2 PHARMA-September 17, 2010-Ligand licenses compound hits for CXCR4 Target to Proximagen(C)2010 M2 COMMUNICATIONS

17 September 2010 - US-basedA A Ligand Pharmaceuticals Inc (NASDAQ: LGND) said today it has transferred exclusive licence rights to Proximagen Ltd (LON : PRX) for a series of compound hits related to the CXCR4 target with application for a number of indications including those related to the central nervous system.

Ligand will receive an upfront payment and continue to be entitled to receive potential future milestone and royalty payments.

The transfer was made under a novation agreement that stems from a 2004 drug discovery alliance between Pharmacopeia, owned by Ligand,A and Swedish Orphan Biovitrum AB (STO: SOBI), whereby Pharmacopeia's compound library was accessed to identify and optimise leads. By virtue of the novation agreement, Proximagen becomes a party to the 2004 agreement in place of Swedish Orphan Biovitrum with respect to the CXCR4 compounds.

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Publication:M2 Pharma
Date:Sep 17, 2010
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