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Archemix and Nuvelo Expand Collaboration and Nominate New Clinical Compound

03 Aug 2006 - Archemix Corp. and Nuvelo, Inc. have expanded their collaboration agreement. Under the new agreement, which replaces the existing 50/50 collaboration, Archemix will be responsible for the discovery of short-acting aptamers targeting the coagulation cascade for use in acute cardiovascular procedures, and Nuvelo will be responsible for the development and worldwide commercialization of these aptamers. In addition, Nuvelo has designated NU172 (ARC2172), a short-acting, direct thrombin inhibiting aptamer, as a development candidate.
 
Under the new collaboration agreement, Nuvelo will make an initial upfront payment to Archemix of $4.0 million and, under certain circumstances may invest up to $10.0 million in Archemix's common stock upon an initial public offering. Nuvelo will also fund Archemix research in the area of short-acting aptamers for the next three years at a minimum of $5.25 million. In addition, Archemix may receive payments totaling up to $35.0 million per development compound on the achievement of specified development and regulatory milestones, along with potential royalty payments based on sales of licensed compounds. At the initiation of the first Phase 3 study for any licensed compound, Archemix has the option to elect to participate in profits from sales of the compound by funding its pro rata share of prior and future product development and commercialization expenses, in lieu of receiving milestone payments and royalties with respect to that compound.
 
NU172 is an aptamer that directly inhibits thrombin's ability to generate fibrin, the protein that provides the scaffolding for blood clots. Data from early animal models suggest that NU172 is a potent anticoagulant that offers the potential for predictable anticoagulant effects, rapid onset and offset of action, reduced bleeding complications and no risk of heparin induced thrombocytopenia. Nuvelo has already commenced IND-enabling studies with NU172.