Cyclerion Therapeutics Sell Rights of Zagociguat and CY3018 to NewCo for the Treatment of Mitochondrial and Neurological Disease
Shots:
- Cyclerion will receive $8M in cash, reimbursement for all expenses related to zagociguat & CY3018, 10% equity ownership in NewCo along with an additional future equity purchase rights in NewCo under the asset purchase agreement
- Investors in NewCo have committed to contribute $81M for the development of zagociguat (formerly CY6463) for MELAS & other disorders linked to mitochondrial dysfunction & also advance CY3018. NewCo will lead all activities & expenses related to developing & commercializing both product
- Zagociguat, a CNS-penetrant sGC stimulator showed rapid improvements across a range of EPs reflecting multiple domains of disease activity. CY3018, a CNS-targeted sGC stimulator currently in preclinical development
Ref: Globenewswire | Image: Cyclerion Therapeutics
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