Coronado Biosciences Announces Acquisition of TSO Manufacturing Rights from Ovamed
Coronado Biosciences (NASDAQ: CNDO) announced today the acquisition of manufacturing rights to its lead product TSO (Trichuris suis ova or CNDO-201) from Ovamed GmbH, for North America, South America, and Japan, Coronado's licensed territory. As part of the transaction, Coronado entered into a lease agreement to establish a manufacturing facility in Woburn, MA to produce TSO.
Coronado entered into amendments to its existing license and supply agreements with Ovamed expanding Coronado's exclusive license to include TSO manufacturing rights in Coronado's territory and terminating Ovamed's exclusive supply rights once Coronado's planned manufacturing facility is operational. Build out and site preparation of the manufacturing facility are planned to commence in early 2013 and continue throughout the year to enable production of phase 3 supplies of TSO. Ovamed agreed to provide assistance in establishing the manufacturing facility and to continue to supply Coronado with clinical supplies until the facility is operational. Ovamed retains TSO manufacturing rights outside Coronado's territory, and the amendments contemplate that Coronado and Ovamed would act as second source suppliers to each other