Alseres Pharmaceuticals, Inc. (OTC: ALSE) today announced that it has entered into an agreement with Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB, "Navidea") to license, [123I]-E-IACFT Injection (CFT), also called Altropane®, an Iodine-123 radiolabeled imaging agent, being developed as an aid in the diagnosis of Parkinson's disease and movement disorders.
"We are pleased to have completed this agreement with Navidea. With its focus, dedication, and imaging expertise, Navidea represents an ideal partner to complete the development and commercialization of this promising agent that may help millions of patients with movement disorders arrive at a more timely and accurate diagnosis," said Peter G. Savas, CEO of Alseres.
"The diagnostic dilemma in movement disorders remains a pressing medical need that will continue to escalate as our world's population ages," said Dr. Mark Pykett, President and CEO of Navidea. "The addition of the CFT program is consistent with our growth strategy to build our precision radiopharmaceutical pipeline with later stage, high value diagnostics aimed at important medical needs."
"We believe that CFT has the potential to be a best-in-class imaging agent to improve diagnostic accuracy by differentiating Parkinson's disease from non-degenerative movement disorders, especially during the period soon after onset of symptoms," said Dr. Thomas Tulip, Navidea' s EVP and Chief Business Officer.
In January 2012, Alseres and Navidea executed an Option Agreement pursuant to which Navidea paid Alseres the non-refundable sum of $500,000 in exchange for the exclusive option to license the CFT program, to conduct its final due diligence review of the program and to prepare the paperwork necessary for the execution of the license.