Genentech Inc. and Rinat Neuroscience, a privately held biotechnology company, announced that Genentech has exercised its option under an agreement with Rinat to co-develop and commercialize RI 624 on a worldwide basis.

RI 624 is a novel humanized monoclonal antibody that blocks nerve growth factor (NGF), a key mediator of acute and chronic pain. RI 624 is being developed by Rinat and is currently in Phase I clinical trials.

Under the terms of Genentech's option for RI 624, Genentech and Rinat will share worldwide costs and profits for the development and commercialization of RI 624. Rinat will also receive upfront payments and an equity investment from Genentech. Genentech and Rinat will jointly participate in the development and commercialization responsibilities for RI 624.

"RI 624 is Rinat's first potential product in the clinic, and we are very pleased that Genentech will be bringing its resources and expertise to the development and potential commercialization of this antibody," said David W. Pritchard, Rinat's chief business officer.

"RI 624 may have applications in cancer pain, and the in-licensing of RI 624 is an example of Genentech's strategic focus on improving the treatment of patients with cancer, including their supportive care. We have been impressed with Rinat's progress over the last three years and are delighted to exercise our option for this antibody," said Joseph S. McCracken, vice president of Business Development for Genentech.

"RI 624 works through a novel mechanism of action that is distinct from that of all currently approved drugs for the treatment of pain - the inhibition of NGF," said Franz Hefti, executive vice president of Development at Rinat. "While the compound is still early in development, in preclinical models of pain we saw that RI 624 demonstrated equal or better efficacy than opiates or NSAIDS (non-steroidal anti-inflammatory drugs). In these preclinical studies, RI 624 also demonstrated a significantly longer half-life than other pain therapeutics, on the order of two to three weeks versus typically hours to days," he added.

Rinat Neuroscience Corporation, based in Palo Alto, California, was founded in 2001 when Genentech Inc. granted Rinat broad licenses to its key neuroscience assets.