biocrea and Boehringer Ingelheim Conclude Asset Purchase Agreement
Radebeul, Germany, February 29, 2012 – biocrea today announced the completion of an asset purchase and licensing deal with Boehringer Ingelheim. Under the terms of the agreement, biocrea will receive an undisclosed payment and will transfer the exclusive global rights for certain research programs originating from its phosphodiesterase (PDE) platform to Boehringer Ingelheim. This includes biocrea´s PDE2 inhibitors and its most advanced compound BCA909.
"This transaction marks a key milestone in the evolution of biocrea, which was created only about a year ago," said Tom Kronbach, CEO of biocrea. "Importantly, this deal demonstrates our ability to identify and validate disease-relevant novel mechanisms of action for which we create high-quality drug candidates. The proceeds from this agreement will allow us to implement our strategy to build a sustainable company over the next several years."
biocrea creates first-in-class drugs for the treatment of debilitating CNS diseases. Among others, the team was involved in the discovery and development of the anticonvulsant retigabine. Previous collaborators of the biocrea team include GlaxoSmithKline, Wyeth and Pfizer.
Please visit www.biocrea.com
Dr. Tom Kronbach
Tel.: +49 351 / 4043 3332
Fax: +49 351 / 4043 3216
Posted: February 2012