Minerva Neurosciences Exercises Right to Opt Out of Agreement With Janssen for Seltorexant (MIN-202)
01 July 2020 - 10:00PM
Minerva Neurosciences, Inc. (NASDAQ: NERV), a clinical-stage
biopharmaceutical company focused on the development of therapies
to treat central nervous system disorders, announced today that it
has exercised its right to opt out of its agreement with Janssen
Pharmaceutica NV (Janssen) for the future development of
seltorexant (MIN-202).
As a result, Minerva will now collect a royalty on worldwide
sales of seltorexant in all indications in the mid-single digits,
with no financial obligations to Janssen.
“We believe opting out of our agreement with Janssen at this
stage of the program creates real value for Minerva,” said Dr. Remy
Luthringer, Executive Chairman and Chief Executive Officer of
Minerva. “This decision enables us to retain a meaningful
financial interest in the future revenue stream of a compound with
significant commercial potential while eliminating the Company’s
financial obligations to a substantial Phase 3 program encompassing
major depressive disorder and insomnia. Furthermore, opting
out will help align our human and financial resources with our
focus on establishing a path to approval of our lead compound,
roluperidone, in Phase 3 development.”
About Minerva Neurosciences
Minerva’s portfolio of compounds includes: roluperidone
(MIN-101), in clinical development for schizophrenia; a potential
royalty stream from seltorexant (MIN-202 or JNJ-42847922), in
clinical development for insomnia and MDD; and MIN-301, in
pre-clinical development for Parkinson’s disease. Minerva’s common
stock is listed on the NASDAQ Global Market under the symbol
“NERV.” For more information, please visit
www.minervaneurosciences.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements which are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Forward-looking
statements are statements that are not historical facts, reflect
management’s expectations as of the date of this press release, and
involve certain risks and uncertainties. Forward-looking statements
include statements herein with respect to the timing and scope of
future clinical trials and results of clinical trials with
roluperidone (MIN-101); the clinical and therapeutic potential of
this compound; the likelihood of future sales and a royalty stream
from seltorexant; the timing and outcomes of future interactions
with U.S. and foreign regulatory bodies; our ability to
successfully develop and commercialize our therapeutic products;
the sufficiency of our current cash position to fund our
operations; and management’s ability to successfully achieve its
goals. These forward-looking statements are based on our current
expectations and may differ materially from actual results due to a
variety of factors including, without limitation, whether
roluperidone will advance further in the clinical trials process
and whether and when, if at all, it will receive final approval
from the U.S. Food and Drug Administration or equivalent foreign
regulatory agencies and for which indications; whether any of our
therapeutic products will be successfully marketed if approved;
whether any of our therapeutic product discovery and development
efforts will be successful; management’s ability to successfully
achieve its goals; our ability to raise additional capital to fund
our operations on terms acceptable to us; and general economic
conditions. These and other potential risks and uncertainties that
could cause actual results to differ from the results predicted are
more fully detailed under the caption “Risk Factors” in our filings
with the Securities and Exchange Commission, including our
Quarterly Report on Form 10-Q for the quarter ended March 31,
2020, filed with the Securities and Exchange Commission on May
4, 2020. Copies of reports filed with the SEC are posted
on our website at www.minervaneurosciences.com. The forward-looking
statements in this press release are based on information available
to us as of the date hereof, and we disclaim any obligation to
update any forward-looking statements, except as required by
law.
Contact:William B. BoniVP, Investor
Relations/Corp. CommunicationsMinerva Neurosciences, Inc.(617)
600-7376
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