Ligand Pharmaceuticals Incorporated announced that a subsidiary of Ligand has entered into an exclusive license agreement with ParinGenix Inc under which ParinGenix was granted exclusive license rights to three issued US patents relating to certain desulfated heparin compounds.

Under the terms of this agreement, Ligand will receive an upfront payment as well as a royalty on net sales in the United States by ParinGenix of 2-O, 3-O desulfated heparin products. ParinGenix's lead compound, PGX-100 is an intravenous formulation of 2-O, 3-O desulfated heparin which is in a phase-IIb trial for the treatment of acute COPD exacerbations.

"We are pleased to enter into this collaboration, which monetizes intellectual property acquired in our 1995 merger with Glycomed. Furthermore, this deal adds another potential lucrative royalty stream to Ligand's already promising list of partnered, fully funded, royalty-bearing programmes," said John L Higgins, president and chief executive officer of Ligand Pharmaceuticals. "The agreement with ParinGenix further validates Ligand's rich intellectual property portfolio, which has gained significant industry recognition, including Ligand being named as a top innovator in the Patent Board's Pharmaceuticals Patent Scorecard."

Commenting on the transaction, Stephen G Marcus president and chief executive officer of ParinGenix stated, "We are pleased to have obtained an exclusive license to these three patents which expand and strengthen our intellectual property portfolio. Our lead compound, 2-O, 3-O desulfated heparin, has minimal anticoagulant activity while retaining the robust anti-inflammatory and other biologic activities of unfractionated heparin."

Ligand discovers and develops new drugs that address critical unmet medical needs of patients with muscle wasting, frailty, hormone-related diseases, osteoporosis, inflammatory diseases, anaemia, asthma, rheumatoid arthritis and psoriasis.

ParinGenix is developing PGX-100, an intravenous formulation of 2-O, 3-O desulfated heparin for the treatment of acute exacerbations of chronic obstructive pulmonary disease (COPD) and other inflammatory lung diseases.