Biogen Announces License Agreement With Alcyone For ThecaFlex DRx System

(RTTNews) - Biogen Inc. (BIIB) Wednesday announced a license and collaboration agreement with Alcyone Therapeutics to develop ThecaFlex DRx System, an implantable medical device. Biogen will make an upfront payment of $10 million to Alcyone for an exclusive global license to the ThecaFlex DRx and will be eligible for up to $41 million in potential milestone payments.

Biogen said Alcyone's ThecaFlex DRx is intended for subcutaneous delivery of antisense oligonucleotide therapies into the intrathecal space. The ThecaFlex DRx System is expected to help improve the patient treatment experience for spinal muscular atrophy and amyotrophic lateral sclerosis.

The ThecaFlex DRx System has received a CE Mark in Europe and has received Breakthrough Device Designation from the U.S. Food and Drug Administration.

As per the agreement, Alcyone will be solely responsible for its manufacture and commercialization.