Ipsen, an innovation-driven global pharmaceutical Group and Pharnext SAS, a biopharmaceutical company specializing in the development of innovative treatments, announced they have entered into an exclusive research, development and marketing agreement regarding innovative drug candidates intended for the treatment of Charcot Marie-Tooth disease, issued from the Pleotherapy technology. According to this agreement, Ipsen has been granted an option to Pharnext programme and subscribes to the issuing of convertible bonds of the company.

Stéphane Thiroloix, executive vice-president, Corporate Development, Ipsen Group states, "Pharnext Pleotherapy may enable the development of novel innovative treatments for debilitating diseases with unmet medical needs, and high patient expectations. We are pleased to support Pharnext's innovation focus, in the therapeutic field of neurology." Daniel Cohen, Pharnext's founder and CEO, commented, "We have great confidence in Ipsen's ability to successfully exploit Pharnext's technology and drug candidates for the benefit of Charcot-Marie-Tooth patients. We believe that Pleotherapy will generate many novel therapies in the Central Nervous System disease area and, indeed, other fields of medicine."

Philippe Pouletty, Pharnext's co-founder, general partner at Truffle Capital and chairman of France Biotech emphasized, "We believe that the agreement with Ipsen demonstrates the pharmaceutical industry's growing understanding for the value of Pleotherapy for certain pathologies."

Professor Jean-Michel Alexandre, former chairman of the Committee for Proprietary Medicinal Products at the EMEA and a Pharnext Board Member added, "I am strongly convinced that the renewal of pipelines focused on therapeutic innovation comes with the settlement of new paradigms. In that context, I think that network pharmacology - based on human genetics and underpinned by robust scientific arguments - could provide satisfactory answers."

Under the terms of this agreement, Pharnext will carry out the development of innovative Pleotherapy-based drug candidates for the treatment of Charcot-Marie-Tooth disease until completion of phase-II clinical trials. Ipsen will further the development up to marketing approvals and will market the product in Europe, the USA, China and certain other territories. Pharnext retains exclusive rights in other key territories. According to the agreement, Ipsen acquires an exclusive option on Pharnext's programme on Charcot-Marie-Tooth disease and subscribes to the issuing of convertible bonds. In case the option is exercised at the end of a positive phase-II clinical trial, Ipsen will pay Pharnext milestones, up to a cumulative amount of €91 million, as well as double-digit royalties on net product sales and will have the ability to convert its convertible bonds into Pharnext shares; Moreover, in the event Ipsen develops the drug candidate in another indication than Charcot- Marie-Tooth disease, the parties shall discuss the payment of additional development milestones.

Ipsen is an innovation-driven international specialty pharmaceutical group with over 20 products on the market and a total worldwide staff of nearly 4,200.

Pharnext is a biopharmaceutical company focused on discovering, developing and licensing new pharmaceutical treatments based on intelligent Pleocompounds that form the basis of Pleodrugs.