Radiopharmaceuticals developer Navidea Biopharmaceuticals (NYSE Amex:NAVB) has signed a deal that gives it the option to license a Parkinson’s disease imaging agent from Alseres Pharmaceuticals.
Under the terms of the deal, Navidea (formerly known as Neoprobe) pays Alseres $500,000 for exclusive rights during a six-month period when it can perform due diligence and negotiate a definitive license for the phase 3 imaging agent, called Altropane. For another $250,000, Navidea can extend the period by one month, to July 30, according to a statement from the Dublin, Ohio-based company.
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Altropane is a radiopharmaceutical used with SPECT imaging to identify the status of areas of the brains in patients suspected of having Parkinson’s disease, a nervous system disorder that leads to shaking known as tremors and difficulty in movement. The imaging agent works by binding to the dopamine transporter on nerve cells in the brain.
The agent has been tested on 600 humans and 50 patients have been enrolled in a phase 3 clinical trial, according to the statement.
It’s been an aggressive and acquisitive couple months for the newly christened Navidea. In December, the company licensed an Alzheimer’s disease imaging agent from AstraZeneca (NYSE:AZN). Navidea plans to begin a phase 3 trial sometime this year.
“Together, we believe these programs provide us with a robust franchise in precision neuro-imaging diagnostics,” said Dr. Thomas Tulip, Navidea’s chief business officer.
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This is likely a deal that Navidea’s had its eyes on for awhile — Tulip joined Navidea in June from Alseres, so he’s very familiar with the Parkinson’s imaging agent.