Ocean Biomedical, Molecure sign licensing agreement for YKL-40 inhibitors

Molecure has signed an exclusive licensing agreement with Ocean Biomedical. The agreement concerns the development and commercialization of the selective YKL-40 inhibitor program, including the lead molecule OAT-3912, which Molecure has developed to early preclinical stage, as well as a second patent for a primary screening test enabling continuation of a continued discovery and development of novel YKL-40 modulators. Under the agreement, Ocean Biomedical gains the exclusive rights to further research, develop, manufacture and commercialize Molecure’s OAT-3912 and other selective YKL-40 inhibitors worldwide and for all indications. As part of the collaboration, Molecure and Ocean Biomedical teams will continue development efforts through a joint steering committee overseeing research progress and commercialization processes. Under the agreement, Molecure will receive initial compensation of $600,000 in cash and stock. Molecure will receive further milestone payments upon achievement of preclinical & clinical development, regulatory & commercial milestones. The maximum bio-dollar value of the agreement amounts to approximately $32 million. Additionally, Molecure is also guaranteed additional revenues from the development and commercialization of other products containing selective YKL-40 inhibitors covered by the agreement, which Ocean Biomedical may choose to pursue. This deal is based on a discovery program carried out by Molecure, focused on the development of selective YKL-40 modulators, which may play a key role in various cancers and fibrotic diseases. This program led to the discovery of the lead compound OAT-3912, which strongly and selectively binds to YKL-40. In preclinical in vivo studies OAT-3912 demonstrated efficacy in cancer, as well as inflammatory and fibrotic diseases.