ProQR in-licenses rights to QR-1123 from Ionis

ProQR Therapeutics N.V. (PRQR) announced the signing of an agreement with Ionis Pharmaceuticals (IONS) to license QR-1123, formerly “IONIS-RHO-2.5Rx,” an RNA medicine for autosomal dominant retinitis pigmentosa caused by the P23H mutation in the rhodopsin gene. Under the terms of the agreement, ProQR was granted an exclusive worldwide license to QR-1123 and relevant patents. ProQR made an upfront payment in ordinary shares in the aggregate amount of $2.5M, at $22.23 per share, which represents a 20% premium to its common stock, to Ionis upon signing the agreement. ProQR will also make future milestone payments, certain of which will be made in equity and others in cash or equity at ProQR’s discretion, and royalties on net sales of 20% through the royalty term. Preclinical activities have been completed by Ionis and were presented at the 2015 annual meeting of the Association for Research in Vision and Ophthalmology and published in a peer-reviewed article, Murray et al 2015, IOVS. A natural history study in patients with P23H adRP has been conducted. The results of this study provide valuable information on disease progression in these patients, which is important data for designing the clinical development plan. ProQR expects to start a Phase 1/2 clinical trial in patients with adRP in 2019, pending submission and clearance of the IND application by the U.S. Food and Drug Administration.
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