PharmAust (ASX:PAA), a clinical-stage oncology company, has announced it has entered into an option agreement with Elanco US to develop monepantel as a novel therapy to treat cancer in dogs.
Under the agreement, Elanco will supply PharmAust with GMP-grade monepantel for use in clinical trials in dogs to determine the anti-cancer potential of the drug.
PharmAust said it has granted Elanco an option to negotiate for an exclusive, worldwide royalty-bearing commercial licence to use its intellectual property in the field of treatment of cancer in animals.
PharmAust will manage clinical trials that will assess the efficacy and safety of monepantel in dogs diagnosed with various cancers. It will also fund the costs of the clinical trials and will provide Elanco with regular updates including a final report at the end of the study.
According to CEO, Dr Richard Hopkins, “We are delighted to have entered into this agreement with Elanco, which helps build a relationship with a potential commercial partner. The agreement also secures PharmAust with supply of GMP-grade monepantel for use in clinical trials for dogs with cancer.”