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Sunesis sells LFA-1 inhibitor program to SARcode for $2 million
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SOUTH SAN FRANCISCO, Calif. — Sunesis Pharmaceuticals has sold its intellectual property and other assets in its LFA-1 inhibitor program to SARcode for a total cash consideration of $2 million, Sunesis announced in a press release.
This sale terminates an earlier licensing agreement between the companies for the LFA-1 inhibitor program, under which Sunesis granted SARcode an exclusive, worldwide license to patents and information related to the program in exchange for license fees, convertible notes, milestone payments and potential royalty payments. Also under the original agreement, Sunesis received milestone payments in the form of cash or convertible notes for the selection of SARcode's lead product candidate, SAR1118, as a development candidate and for the initiation of a phase 1 trial of the small molecule LFA-1 inhibitor.
In December, SARcode completed a phase 1 safety, tolerability and pharmacokinetics study of SAR1118 ophthalmic solution for treating ocular inflammation.
Sunesis still holds a string of secured convertible notes issued by SARcode worth a total principal value of $1 million, the release said.