| October 9, 2003 |
Kyowa Hakko’s adenosine A1 receptor antagonist, |
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Tokyo, October 9, 2003 - Kyowa Hakko Kogyo Co., Ltd. (President, Yuzuru Matsuda) has entered into an agreement with a US pharmaceutical development venture, NovaCardia, Inc. (CEO, Kenneth J. Widder), whereby Kyowa Hakko grants to NovaCardia an exclusive license to develop and market, outside Asia and Japan, the adenosine A1 receptor antagonist (code name: KW-3902) discovered and developed by Kyowa Hakko. Under this agreement, Kyowa Hakko will receive upfront and milestone payments, and royalties accruing from the sales of commercialized products. KW-3902 antagonizes the adenosine A1 receptor, that is known to regulate renal function . Its safety profile is favorable, with no adverse effects such as hypokalemia, which are issues in the treatment with existing drugs in the same therapeutic class. In parallel with the Phase II clinical trials that have been conducted in Japan and UK, Kyowa Hakko has been seeking a licensing opportunity to potential partners, which would play a leading role in the clinical development of KW-3902. These efforts constitute a part of Kyowa Hakko’s strategy that focuses R&D resources on areas such as oncology and allergy, and thus repositions KW-3902 as a candidate compound to be licensed out. As a result of this agreement, NovaCardia will take over clinical studies for further development. Kyowa Hakko is committed to maximizing the value of its drug candidates through efficient and effective development activities including alliances, thereby contributing to the health and well-being of people worldwide.
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