- Thinly traded micro cap Chimerix (NASDAQ:CMRX) is down 3% premarket after announcing an agreement with Cantex Pharmaceuticals securing an exclusive global license to CX-01, a new chemical entity derived from the anticoagulant heparin that, it says, can potentially treat a range of blood cancers.
- Under the terms of the agreement, CMRX will pay Cantex $30M upfront, up to $587.5M in milestones, tiered royalties starting at 10% and 10M shares of common stock.
- A pivotal Phase 3 study in acute myeloid leukemia (AML), an Orphan Drug- and Fast Track-tagged indication in the U.S., should launch by mid-2020.
- Results from a Phase 2 trial evaluating CX-01 plus 7+3 chemo in AML patients showed an 89% complete response rate compared to 58% for chemo alone.
- Management will host a conference call at 8:30 am this morning to discuss the deal.