Reinach, Switzerland, 7 October 2013 - Evolva Holding SA(SIX: EVE) and Serodus ASA(Oslo, Norway) today announced that they have signed a binding term sheet for the clinical development of EV-077, Evolva's compound targeted at diabetic nephropathy (progressive kidney disease caused by diabetes). The parties aim to sign a full license agreement no later than 31 December 2013 allowing Serodus to initiate the next clinical study on EV-077 in the second quarter of 2014.
Pre-clinical and initial clinical studies conducted by Evolva have indicated that EV-077 can reduce vascular inflammation which causes damage to the kidneys - in particular in patients with diabetes. Due to Evolva's focus on ingredients for health, wellness and nutrition EV-077 is a legacy asset. Hence the out-licensing fulfills the Company's goal of finding a suitable partner to advance it to the next stage of clinical trials.
Serodus aims to bring EV-077 further through clinical development and at a future time point decide whether Serodus or a partner will conduct the final clinical trials.
Evolva will be entitled to licensing payments including clinical and regulatory milestones as well as a single-digit royalty on sales. If Serodus at a later stage out-licenses the compound, Evolva will receive up to 30% of Serodus' total licensing income. The aggregate revenues to Evolva through patent expiry may amount to three-digit million Euro subject to the progress of the compound.
Eva Steiness, CEOof Serodus: "We are excited about the opportunity of moving EV-077 forward in clinical development to address unmet patient needs. EV-077 fits very well with our focus on the development of drugs for various cardiovascular indications."
Neil Goldsmith, CEOof Evolva: "We are pleased that EV-077 will now be brought forward by Serodus. Although Serodus is a relatively young company, its management team, and in particular Eva Steiness, has a strong and successful track record in development of pharmaceutical products which are on today's market."