Spark Ventures

CAMBRIDGE, UK – Xention Ltd (“Xention”), the Cambridge-based biopharmaceutical company specializing in the discovery and development of ion channel-modulating drugs, announced today that it has signed a Drug Discovery Agreement with Ono Pharmaceutical Co., Ltd. of Osaka, Japan (“Ono”).

Under the terms of the Agreement, Xention will apply its proprietary ion channel drug discovery platform to the identification, design and synthesis of small molecules against ion channels selected by Ono – ion channels of key pathophysiological importance against which selective ligands have not previously been developed. Ono will assume responsibility for subsequent pre-clinical, clinical development and worldwide commercialization of potential new pharmaceutical products arising from the collaboration.

Full financial terms of the Agreement have not been disclosed, however, Ono will fund the two-year research programme in its entirety. Xention will also receive an upfront fee and milestone fees on meeting specified drug discovery targets and on Ono’s achievement of development and regulatory goals. Xention will receive royalties on the sales of successfully commercialized products.

“We have the highest regard for the wide range of ion channel drug discovery technologies Xention possesses and anticipate the collaboration will result in identification of a novel drug with high clinical and commercial potential” said Dr. Kazuhito Kawabata, Managing Director, Research Headquarters at Ono.

“We are delighted to be collaborating with Ono” commented Dr Tim Brears, Xention’s Chief Executive. “Ono is recognised as a leading Japanese pharmaceutical company and we are pleased to be pooling our expertise in the development of an exciting class of new medicines”.

For further information, please contact:

Tim Brears, Chief Executive, Xention Limited
Tel: 01223 493900, Fax: 01223 493901,
E-Mail: tim.brears@xention.com Web: www.xention.com