Quantum Genomics to receive up to $11.35 million in upfront and milestone payments plus double-digit royalties on sales
Xediton Pharmaceuticals to receive an exclusive license to develop and commercialize firibastat for the treatment of difficult to treat/resistant hypertension in Canada
PARIS and NEW YORK, Oct. 28, 2020 (GLOBE NEWSWIRE) — Quantum Genomics (Euronext Growth – FR0011648971 – ALQGC), a biopharmaceutical company specializing in developing a new drug class that directly targets the brain to treat difficult to treat/resistant hypertension today announced it has entered into an exclusive licensing and collaboration agreement with Xediton Pharmaceuticals to develop and commercialize firibastat in Canada.
Under the terms of the agreement, Xediton Pharmaceuticals will receive exclusive commercialization rights to firibastat for the treatment of difficult to treat/resistant hypertension in Canada. Quantum Genomics has already recruited patients in Canada for the pivotal phase III study FRESH.
Quantum Genomics will receive upfront and milestone payments amounting up to $11.35 million, plus double-digit royalties on sales.
The population suffering from difficult to treat and resistant hypertension in the above territories is estimated to be between 1 and 1.5 million.
“We are proud to partner firibastat with Xediton Pharmaceuticals, a private-held specialty Pharma. We share common values: positively impact the lives of our patients through our products and physicians. With an experienced management team, Xediton Pharmaceuticals is a fully operational company having already three assets in cardiovascular on the market,” mentioned Jean-Philippe Milon, Chief Executive Officer of Quantum Genomics.
“We are very pleased to partner with Quantum Genomics to bring to Canadian patients Firibastat. While there are numerous treatments in hypertension, there is not much available for patients who are resistant to current treatments. We are looking forward to Firibastat being on the market, as it will be of tremendous benefit to patients with difficult to treat/resistant hypertension and heart failure,” said George Gafrey, President of XEDITON Pharmaceuticals Inc.
About Xediton Pharmaceuticals
Xediton Pharmaceuticals is a privately-held pharmaceutical company with a focus on meeting the needs of patients, physicians and partners. Xediton Pharmaceuticals is committed to developing, partnering and making available new and established medicines to promote the health of Canadians. Located in the Greater Toronto Area, Canada, Xediton Pharmaceuticals has products in Oncology, Anti-Infectives, Pain, GI, Ophthalmology and CV and has built strong strategic alliances with Global and International Healthcare and pharmaceutical companies.
For more information, please visit www.xediton.com.
About Quantum Genomics
Quantum Genomics is a biopharmaceutical company specializing in the development of a new class of cardiovascular medications based on brain aminopeptidase A inhibition (BAPAI). Quantum Genomics is the only company in the world exploring this innovative approach that directly targets the brain. The company relies on 20 years of academic research from the Paris-Descartes University and the laboratory directed by Dr. Catherine Llorens-Cortes at the Collège de France (French National Institute of Health and Medical Research (INSERM)/ the Scientific Centre for National Research (CNRS)). The goal of Quantum Genomics is to develop innovative treatments for complicated, or even resistant, cases of hypertension (around 30% of patients have poor control of their condition or receive ineffective treatment) and for heart failure (one in two patients diagnosed with severe heart failure dies within five years).
Based in Paris and New York, Quantum Genomics is listed on the Euronext Growth exchange in Paris (FR0011648971- ALQGC) and trades on the OTCQX Best Market in the United States (symbol: QNNTF).