Neuralstem, Inc. (NYSE Amex: CUR) announced that it has signed an exclusive agency licensing agreement with Summit Pharmaceuticals International Corporation, of Tokyo, Japan (SPI), a wholly owned subsidiary of Sumitomo Corporation Group. Under the agreement, SPI will market development and licensing rights to NSI-189, Neuralstem's neurogenic compound, currently in an FDA-approved Phase I clinical trial for major depression.
"We have stated previously our intention to take NSI-189 through Phase II trials before seeking a partner for worldwide rights," said Neuralstem President & CEO Richard Garr. "The single exception to this strategy is the Japanese market, where we are aggressively seeking an early-stage development and licensing partner. We look forward to working with Sumitomo to achieve this end."