Serodus has today signed a binding term sheet with Evolva SA for EV-077
Serodus ASA announced that a binding term sheet for EV-077 has been signed with the Swiss company, Evolva Holding SA.
EV-077 is a "first-in class" compound intended for treatment of diabetic nephropathy. Evolva has carried out pre-clinical studies and the first clinical studies for EV-077. Serodus ASA aims to bring the product (with the new name SER150) further through clinical development. Serodus now will secure financing of a clinical phase II proof-of-concept study for SER150, planned to start mid 2014.
When financing is in place, Serodus ASA and Evolva will enter into a final licence agreement based on the binding Term-Sheet, which has been signed today. Main terms in the agreement is that Evolva will be entitled to licence payment based on both milestones as well as a single-digit royalty on sales. If Serodus ASA at a later stage out-licence EV-077, Evolva will receive up to 30% of Serodus' total licencing income. In today's press release, Evolva estimate that their aggregate revenues may amount to three-digit million Euro subject to the progress of the compound.
Diabetes is a disease with high blood sugar concentrations, which may lead to inflammatory processes in the arteries. The inflammation will damage the vessels and be responsible for the late complications seen in diabetics such as blindness, kidney failure and heart attack. When the kidneys stop functional normally, blood concentrations of certain elements increases. This condition is called diabetic nephropathy and the patient may end in chronic hemodialysis. All together, there are nearly 400 million people with diabetes today. This is estimated to increase to 550 million in year 2030. Twenty-thirty percent of these patients will develop diabetic nephropathy.
To strengthen Serodus` competence within Diabetes, Serodus has established a cooperation with Professor Hans-Henrik Parving, MD. D.Sc. and Chief Physician Professor at Rigshospitalet, First University Hospital, University of Copenhagen. Parving has most of his carrier been devoted to diabetes both clinically and scientifically, and is an international pioneer in treatment of diabetic nephropathy. He discovered ACE inhibitors effect on the diabetic nephropathy some 20 years ago, and has since then been involved in a number of clinical studies. Parving is now on Serodus advisory board.
About Evolva Holding SA:
Evolva is a pioneer and global leader in sustainable, fermentation-based approaches to ingredients for health, wellness and nutrition. Evolva's products include stevia, vanilla, saffron and resveratrol. As well as developing its own proprietary ingredients, Evolva also deploys its technology for partners, providing them with a competitive edge and sharing in the returns they make. For more information see Evolva's website.