Praxis Precision Medicines, Inc has entered into an exclusive collaboration and license agreement with Tenacia Biotechnology (Shanghai) Company, Ltd., a clinical-stage biopharmaceutical company in China focusing on central nervous system (CNS) drug development. The collaboration aims to develop and commercialize ulixacaltamide for the treatment of essential tremor in Greater China, covering mainland China, Hong Kong, Macau, and Taiwan.
Praxis President and CEO, Marcio Souza, highlighted the significance of the collaboration in addressing the unmet needs of essential tremor patients in China. The partnership with Tenacia, known for its expertise in CNS treatments, is anticipated to contribute to the advancement of ulixacaltamide innovation.
Tenacia CEO Xiaoxiang Chen emphasized the public health impact of essential tremor in China, affecting millions of people with limited therapeutic options. Ulixacaltamide is seen as a promising and innovative solution for this condition, and the collaboration with Praxis is a strategic move to bring this treatment to patients in Greater China.
Under the agreement, Praxis will receive an upfront payment of $15 million, including $5 million in cash and a $10 million investment in Praxis common stock. Additional milestone payments of up to $264 million, tied to development, regulatory, and commercialization achievements, will be made. Praxis will also be entitled to tiered royalties on net sales.
Praxis' legal counsel was provided by Sidley Austin LLP, while Ropes & Gray LLP served as legal counsel to Tenacia.
Ulixacaltamide, a selective small molecule inhibitor targeting T-type calcium channels, aims to block abnormal neuronal burst firing in the Cerebello-Thalamo-Cortical (CTC) circuit associated with tremor activity. It represents the most advanced program within Praxis' Cerebrum™ small molecule platform and is currently in development for essential tremor treatment.
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