Pittsburgh-based Knopp Neurosciences said it's formed a new parent entity--Knopp Biosciences--which it says will help apply its technology to therapies outside the neuroscience area.
Biogen Idec recently paid Knopp $80 million in cash and up to $245 million more in various milestones for marketing rights to a promising, late-stage ALS drug. KNS-760704 demonstrated positive results in a Phase II trial of the drug for Lou Gehrig's disease, and a Phase III trial slated to begin in early 2011. Knopp Neurosciences--the original company--remains involved with all KNS-760704 research. However, the comopany has distributed other assets and operations to Knopp Biosciences. Those assets include the discovery research activities of KNS, which are directed to pharmacological mediation of mitochondrial disease mechanisms.
"Knopp Biosciences establishes a platform for corporate growth while signaling the potential to apply our discovery research in therapeutic areas beyond neuroscience," said Michael Bozik, President and CEO. "While expanding our discovery research capabilities, Knopp Biosciences will take steps toward becoming a more integrated company with both development and commercialization activities."
- check out Knopp's release