Fulcrum signs preferred supplier arrangement
Fulcrum signs preferred supplier arrangement Fulcrum Pharma, the drug development and strategic outsourcing services company, has signed its first preferred supplier arrangement in which Fulcrum takes an equity stake in its partner and receives fees for service.
Fulcrum signs preferred supplier arrangement Fulcrum Pharma, the drug development and strategic outsourcing services company, has signed its first preferred supplier arrangement in which Fulcrum takes an equity stake in its partner and receives fees for service.
The three year agreement with Addex Pharmaceuticals SA, the Swiss pharmaceutical company, is focused on addiction and other central nervous system disorders, to provide drug development services for the Addex portfolio of novel compounds.
Under the terms of this agreement Fulcrum will be responsible for the provision of drug development resource and expertise to support Addex in the development of its product portfolio over the next three years and to assist Addex in building its own clinical capability.
As part of this agreement a letter of intent has been issued whereby Fulcrum will subscribe for shares in Addex's next round of financing.
Jon Court, CEO of Fulcrum Pharma, commented: 'We are extremely impressed with Addex and their portfolio of compounds, and delighted to have been chosen as their development partner. This agreement represents a significant step in the development of Fulcrum's partnership strategy.'
Upon signing the agreement, Vincent Mutel, CEO of Addex Pharmaceuticals, remarked: 'This three year partnership is a great opportunity for us to solve our clinical resourcing needs and at the same time build knowledge of clinical development within Addex. In addition, we view Fulcrum's commitment and investment as a strong validation of our portfolio.'