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Concert Pharmaceuticals Achieves
$2 Million Milestone for AVP-786 Under Avanir Pharmaceuticals
Collaboration
LEXINGTON, Mass.--(Aug 26, 2014)-- Concert Pharmaceuticals, Inc. (NASDQ:
CNCE) today announced that it has achieved a $2 million milestone under
its development and license agreement with Avanir Pharmaceuticals, Inc.
for the clinical progression of AVP-786. The milestone is a result of
Avanir initiating dosing in a Phase 2 clinical trial with AVP-786 for
the adjunctive treatment of major depressive disorder.
"We are very pleased by Avanir's progress with AVP-786's clinical
development, resulting in a second development milestone to Concert from
this program," said Roger Tung, Ph.D., President and CEO of Concert
Pharmaceuticals.
The agreement provides Avanir with worldwide rights to develop and
commercialize AVP-786 and other deuterium-modified dextromethorphan
(d-DM) compounds. The licensed compounds are believed to have potential
for the treatment of neurological and psychiatric disorders. Under the
agreement, Concert is eligible to receive additional milestone payments
based upon achievement of certain predefined clinical, regulatory and
commercial targets. Avanir will continue to have overall responsibility
for research, development and commercialization of d-DM compounds,
including AVP-786, and Concert is eligible to receive tiered royalties
on worldwide sales of any products containing d-DM. The milestone
announced today is the second development milestone Concert has earned
under the agreement.
About AVP-786
AVP-786 is a novel investigational drug product consisting of a
combination of deuterium modified dextromethorphan and ultra-low dose
quinidine. Incorporation of deuterium into specific positions of the
dextromethorphan molecule strengthens the chemical bonds and reduces
susceptibility to enzyme cleavage and first pass metabolism, but without
altering its pharmacology. By decreasing the metabolism rate, AVP-786
requires a substantially lower level of the metabolic inhibitor
quinidine. This may result in a reduced potential for drug interactions,
while maintaining its therapeutic efficacy. AVP-786 is an
investigational drug not approved by the FDA.
About Concert
Concert Pharmaceuticals is a clinical stage biopharmaceutical company
focused on applying its DCE Platform® (deuterated chemical entity
platform) to create novel small molecule drugs. This approach starts
with approved drugs, advanced clinical candidates or previously studied
compounds that have the potential to be improved with deuterium
substitution to enhance clinical safety, tolerability and efficacy. The
Company is developing a broad pipeline targeting CNS disorders, renal
disease, inflammation and cancer.
Concert Pharmaceuticals Cautionary Note on Forward Looking
Statements
Any statements in this press release about our future expectations,
plans and prospects, including statements about the potential
effectiveness of AVP-786, Avanir's plans and timelines for the clinical
development of AVP-786, the Company's potential to realize milestone or
royalty payments and other statements containing the words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend," "may,"
"plan," "potential," "predict," "project," "should," "target," "would,"
and similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors,
including: the uncertainties inherent in the initiation of future
clinical trials, availability and timing of data from ongoing and future
clinical trials and the results of such trials, whether preliminary
results from a clinical trial will be predictive of the final results of
that trial or whether results of early clinical trials will be
indicative of the results of later clinical trials, expectations for
regulatory approvals and other factors discussed in the "Risk Factors"
section of our Annual Report on Form 10-Q for the quarter ended June 30,
2014 filed with the Securities and Exchange Commission and in other
filings that we make with the Securities and Exchange Commission. In
addition, any forward-looking statements included in this press release
represent our views only as of the date of this release and should not
be relied upon as representing our views as of any subsequent date. We
specifically disclaim any obligation to update any forward-looking
statements included in this press release.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and
DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.
Contact
For Investors:
Concert Pharmaceuticals
Justine E. Koenigsberg, 781-674-5284
ir @concertpharma.com
or
For Media:
The Yates Network
Kathryn Morris, 845-635-9828 |