Addrenex Pharmaceuticals and Sciele Pharma have begun enrolling patients for a Phase III clinical trial of a drug targeting attention deficit and hyperactivity disorder (ADHD) in children.
Sciele, which is based in Atlanta, licensed rights to the drug called Clonicel from Addrenex earlier this year.
"We are excited about the benefits Clonicel may provide children between the ages of 6 and 17 who have ADHD,” said Addrenex Chief Executive Officer Moise Khayrallah.
In July, Sciele made a $6 million investment in Addrenex.
As part of the deal, Sciele has the option to buy an additional 10 percent in Addrenex. It also will pay Addrenex milestone payments up to as much as $11 million linked to Clonicel development.
Addrenex is seeking to commercialize a patented oral, extended-release drug formulation to combat symptoms associated with excessive adrenaline secretion. The firm has also received $175,000 in loans from the North Carolina Biotechnology Center.
