Immtech Pharmaceuticals has announced that the Company has granted an exclusive license to BioAlliance Pharma SA to commercialize Immtech's oral drug, pafuramidine maleate (pafuramidine), in Europe for the treatment of pneumocystis pneumonia (PCP) in AIDS patients and for the treatment of Human African trypanosomiasis, also known as African sleeping sickness.
Pafuramidine is currently in Phase III clinical trials for these two indications. Immtech also granted to BioAlliance an option to commercialize pafuramidine in Europe for prevention and treatment of malaria in travelers.
Pursuant to the agreement, Immtech will receive an initial payment of $3 million from BioAlliance. An additional $13 million will be paid to Immtech as pafuramidine advances through European regulatory approval and pricing. Immtech will also receive additional payments based on sales milestones and significant double-digit royalties on sales. BioAlliance has an option to commercialize pafuramidine for malaria prophylaxis in Europe, and BioAlliance would contribute to funding clinical development costs. Additional regulatory, pricing, and sales milestone payments to Immtech and royalty payments based on sales would also be paid by BioAlliance.
"We are delighted to be collaborating with BioAlliance to launch pafuramidine in Europe," said Eric L. Sorkin, Chairman and Chief Executive Officer of Immtech. "BioAlliance's development and marketing expertise, as evidenced by the recent launch of Loramyc(R) in Europe for the treatment of HIV and cancer, demonstrate BioAlliance's proven capabilities in this market. We believe BioAlliance's valuable experience in working with patients and healthcare providers will be a vital asset supporting the success of pafuramidine in Europe."
PCP is a deadly fungal infection of the lungs and the most common opportunistic infection in people living with HIV, the virus that causes AIDS. It also affects people with severely compromised immune systems due to cancer or immunosuppressive therapy (e.g., chemotherapy or following organ transplantation).