Calvert Research, LLC and Oncoceutics, Inc. have entered an investment partnership agreement to support completion of preclinical studies for Oncoceutics' anti-cancer compound ONC201. Calvert Research’s CRO affiliate, Calvert Laboratories will complete animal pharmacology, toxicology, and pharmacokinetic testing and conduct bioanalytical studies for ONC201 to support the filing of an IND application with the FDA by the end of 2013. Calvert Research has also made a significant investment in Oncoceutics in the form of a Convertible Promissory Note that can be converted into equity under certain terms and conditions.
ONC201 is a small molecule that has shown potent anti-tumor effects in multiple mouse models of human cancer, including brain, colon, breast, lung, and other tumors. ONC201 elevates the expression of TRAIL (TNF-related apoptosis-inducing ligand) and its death receptor DR5 on the surface of tumor cells to trigger a tumor-specific cytotoxic response.
"We are pleased to add Oncoceutics to our investment portfolio" said Dr. Michael Recny, president of Calvert Research. "This deal represents another outstanding example of how we implement our investment thesis by sharing both capital and development risk with early stage companies that have novel, highly promising experimental drugs. Our partners benefit from our extensive drug development expertise and ability to leverage the world-class capabilities of our affiliate, Calvert Laboratories into a meaningful capital investment in their company."