Conor Signs Multidrug Agreement to Develop New Drug-Eluting Stents
Conor Medsystems, a developer of controlled vascular drug delivery technologies, has signed an agreement with Novartis Pharma granting Conor the right to evaluate three Novartis pharmaceutical compounds for the potential development of a product combining a Novartis compound with Conor's reservoir-based drug-eluting stents for the treatment of vascular diseases.
Based on the terms of the agreement, Conor will initially evaluate all three compounds -- imatinib mesylate, pimecrolimus and a precommercial compound, midostaurin -- and, based on results, will have the option to obtain a worldwide, nonexclusive license to develop, manufacture and commercialize products combining Conor's novel drug-eluting reservoir-based cobalt chromium stents with one of the three compounds evaluated.
If Conor exercises its option to license one of the compounds, the company will be responsible for product development, including clinical trials, manufacturing and regulatory filings, and will pay Novartis licensing fees, milestone payments and royalties on product sales. Novartis will supply Conor with the compounds and will collaborate with Conor on regulatory and technical issues. Further terms of the agreement were not disclosed.