Navidea Biopharmaceuticals has entered into an agreement to license Alseres Pharmaceuticals' Iodine-123 radiolabeled imaging agent, [123I]-E-IACFT Injection (CFT).
The patented small molecule radiopharmaceutical imaging agent, which is used with single photon emission computed tomography (SPECT) imaging, is being developed for the diagnosis of Parkinson's disease and other movement disorders, with a potential use as a diagnostic aid in dementia.
Under the agreement, Alseres granted Navidea a sub-license to research, develop and commercialize the imaging agent, while Navidea made $175,000 and issued 300,000 shares of its NAVB common stock to Alseres.
Navidea EVP and chief business officer Thomas Tulip said the company believes that CFT has the potential to improve diagnostic accuracy by differentiating Parkinson's disease from non-degenerative movement disorders, especially during the period soon after symptom-onset.
"This licensing agreement has afforded Navidea another strong Phase 3 diagnostic imaging asset that has great synergy with our AZD4694 imaging program, which we are developing as an aid in the diagnosis of Alzheimer's disease," Tulip added.
Alseres CEO Peter Savas said, "With its focus, dedication, and imaging expertise, Navidea represents an ideal partner to complete the development and commercialization of this promising agent that may help millions of patients with movement disorders arrive at a more timely and accurate diagnosis."