Labrys acquired worldwide rights to RN-307 under the agreement, which will see Pfizer receive an upfront payment and milestone payments, royalties on sales, and a liquidity payment if Labrys is acquired.
Company founder and venBio managing director Corey Goodman said, “RN-307 is an ideal candidate for a prophylactic drug for chronic migraine that is capable of reducing both frequency and severity of migraine without debilitating side effects.
“There is significant interest in new treatments that can improve upon the limited efficacy of current pharmaceuticals.”
Chronic migraines, defined as fifteen or more headache days per month affects about two per cent of the US population, the company said.
InterWest’s Nina Kjellson and Soffinova’s Mike Powell will join the Labrys board of directors as part of the deal.
The company said the capital would be used to support the development of the company’s anti-migraine treatment ALD403.
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